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DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024

 

Principal        Coupon Rate      
Amount ($)     Spread  (%)  Maturity  Fair Value
     ASSET BACKED SECURITIES — 31.8%              
     AUTO LOAN — 6.9%              
 220,000   American Credit Acceptance Receivables Trust Series 2022-1 D(a)     2.4600  03/13/28  $211,933 
 230,000   AmeriCredit Automobile Receivables Trust Series 2020-3 C     1.0600  08/18/26   222,488 
 155,000   Avis Budget Rental Car Funding AESOP, LLC Series 2019-3A A(a)     2.3600  03/20/26   150,751 
 611,000   Avis Budget Rental Car Funding AESOP, LLC Series 2023-3A A(a)     5.4400  02/22/28   617,483 
 317,000   CarNow Auto Receivables Trust Series 2023-1A C(a)     7.2400  09/15/26   317,029 
 225,000   Carvana Auto Receivables Trust Series 2021-P3 B     1.4200  08/10/27   201,131 
 61,901   Carvana Auto Receivables Trust Series 2021-N1 C     1.3000  01/10/28   58,668 
 76,881   Carvana Auto Receivables Trust Series 2021-N2 C     1.0700  03/10/28   72,253 
 410,000   Carvana Auto Receivables Trust Series 2023-N1 C(a)     5.9200  07/10/29   410,070 
 330,000   Carvana Auto Receivables Trust Series 2023-N4 C(a)     6.5900  02/11/30   337,952 
 156,856   CPS Auto Receivables Trust Series 2019-D E(a)     3.8600  10/15/25   156,149 
 430,000   CPS Auto Receivables Trust Series 2024-A C(a)     5.7400  04/15/30   434,386 
 529,000   DT Auto Owner Trust Series 2023-1A B(a)     5.1900  10/16/28   526,975 
 195,000   DT Auto Owner Trust Series 2023-3A C(a)     6.4000  05/15/29   196,440 
 410,000   Exeter Automobile Receivables Trust Series 2023-1A B     5.7200  04/15/27   410,541 
 264,984   FHF Trust Series 2023-1A A2(a)     6.5700  06/15/28   264,183 
 118,037   Flagship Credit Auto Trust Series 2020-4 C(a)     1.2800  02/16/27   115,945 
 180,000   Foursight Capital Automobile Receivables Trust Series 2022-1 B(a)     2.1500  05/17/27   173,416 
 315,000   Foursight Capital Automobile Receivables Trust Series 2023-1 A3(a)     5.3900  12/15/27   314,455 
 432,000   GLS Auto Receivables Issuer Trust Series 2019-4A D(a)     4.0900  08/17/26   428,049 
 345,000   Hertz Vehicle Financing III, LLC Series 2022-1A C(a)     2.6300  06/25/26   329,862 
 290,350   LAD Auto Receivables Trust Series 2022-1A A(a)     5.2100  06/15/27   290,011 
 339,000   LAD Auto Receivables Trust Series 2023-4A C(a)     6.7600  03/15/29   347,653 
 96,017   Lendbuzz Securitization Trust Series 2022-1A A(a)     4.2200  05/17/27   94,367 
 337,036   Lobel Financial Corporation Series 1 A(a)     6.9700  07/15/26   337,866 
 318,000   Merchants Fleet Funding, LLC Series 1A A(a)     7.2100  05/20/36   321,224 
 140,000   OneMain Direct Auto Receivables Trust Series 2021-1A B(a)     1.2600  07/14/28   128,433 
 325,667   Santander Drive Auto Receivables Trust Series 2020-2 D     2.2200  09/15/26   322,328 
 87,148   Santander Drive Auto Receivables Trust Series 2021-3 C     0.9500  09/15/27   86,521 
 370,000   Santander Drive Auto Receivables Trust Series 2023-1 B     4.9800  02/15/28   368,762 
 195,000   Santander Drive Auto Receivables Trust Series 2022-5 C     4.7400  10/15/28   193,465 
 362,000   Tricolor Auto Securitization Trust Series 2023-1 B(a)     6.8400  11/16/26   364,270 
 422,000   United Auto Credit Securitization Trust Series 2023-1 B(a)     5.9100  07/10/28   421,185 
 146,000   Veros Auto Receivables Trust Series 2022-1 B(a)     4.3900  08/16/27   144,104 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 31.8% (Continued)              
     AUTO LOAN — 6.9% (Continued)              
 345,000   Westlake Automobile Receivables Trust Series 2022-1A B(a)     2.7500  03/15/27  $341,973 
 415,000   Westlake Automobile Receivables Trust Series 2023-1A C(a)     5.7400  08/15/28   412,781 
                  10,125,102 
     CLO — 0.2%              
 350,000   GoldentTree Loan Management US CLO 1 Ltd. Series 2021-9A A(a),(b)  TSFR3M + 1.332%  6.6490  01/20/33   350,135 
                    
     COLLATERALIZED MORTGAGE OBLIGATIONS — 11.8%              
 738,092   AJAX Mortgage Loan Trust Series 2021-A A1(a),(c)     1.0650  09/25/65   647,662 
 79,825   Angel Oak Mortgage Trust Series 2020-R1 A2(a),(c)     1.2470  12/26/24   74,065 
 61,926   Angel Oak Mortgage Trust Series 2021-8 A1(a),(c)     1.8200  11/25/66   52,920 
 115,506   Angel Oak Mortgage Trust Series 2022-5 A1(a),(d)     4.5000  05/25/67   113,225 
 92,758   Angel Oak Mortgage Trust Series 2023-1 A1(a),(d)     4.7500  09/26/67   91,086 
 39,000   Arm Master Trust, LLC Series 2023-T1 A(a)     6.5620  02/17/25   38,984 
 81,423   Arroyo Mortgage Trust Series 2019-1 A1(a),(c)     3.8050  01/25/49   77,673 
 85,543   Arroyo Mortgage Trust Series 2019-2 A1(a),(c)     3.3470  04/25/49   80,644 
 250,091   Bunker Hill Loan Depositary Trust Series 2019-2 A1(a),(d)     2.8790  07/25/49   237,780 
 32,370   Chase Mortgage Finance Corporation Series 2016-SH2 M2(a),(c)     3.7500  02/25/44   29,617 
 42,029   Chase Mortgage Finance Corporation Series 2016-SH1 M2(a),(c)     3.7500  04/25/45   38,531 
 361,775   CIM TRUST Series 2022-R2 A1(a),(c)     3.7500  12/25/61   344,050 
 57,885   COLT Funding, LLC Series 2021-3R A1(a),(c)     1.0510  12/25/64   51,051 
 1,432,844   COLT Mortgage Loan Trust Series 2022-4 A1(a),(c)     4.3010  03/25/67   1,396,431 
 627,870   COLT Mortgage Loan Trust Series 2022-5 A1(a),(c)     4.5500  04/25/67   618,622 
 636,219   COLT Mortgage Loan Trust Series 2023-3 A1(a),(d)     7.1800  09/25/68   652,436 
 693,622   COLT Mortgage Loan Trust Series 2023-4 A1(a),(d)     7.1630  10/25/68   709,897 
 132,574   CSMC Trust Series 2020-RPL4 A1(a),(c)     2.0000  01/25/60   118,392 
 19,308   CSMC Trust Series 2020-NQM1 A1(a),(d)     1.2080  05/25/65   17,741 
 255,306   Deephaven Residential Mortgage Trust Series 2022-1 A1(a),(c)     2.2050  01/25/67   231,564 
 309,834   Ellington Financial Mortgage Trust Series 2019-2 A3(a),(c)     3.0460  11/25/59   290,682 
 21,099   Flagstar Mortgage Trust Series 2017-1 1A3(a),(c)     3.5000  03/25/47   19,135 
 8,391   Galton Funding Mortgage Trust Series 2018-1 A23(a),(c)     3.5000  11/25/57   7,625 
 254,690   Imperial Fund Mortgage Trust Series 2022-NQM3 A1(a),(d)     4.3800  05/25/67   249,123 
 20,658   JP Morgan Mortgage Trust Series 2017-5 A1(a),(c)     3.6840  12/15/47   20,360 
 883,204   JP Morgan Mortgage Trust Series 2017-4 A3(a),(c)     3.5000  11/25/48   794,555 
 100,000   METLIFE S.E.CURITIZATION TRUST Series 2017-1A M1(a),(c)     3.4520  04/25/55   88,516 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 31.8% (Continued)              
     COLLATERALIZED MORTGAGE OBLIGATIONS — 11.8% (Continued)              
 29,241   METLIFE S.E.CURITIZATION TRUST Series 2019-1A A1A(a),(c)     3.7500  04/25/58  $28,509 
 1,218,925   MFA Trust Series 2022-INV1 A1(a),(d)     3.9070  04/25/66   1,183,046 
 718,113   MFA Trust Series 2022-NQM2 A1(a),(d)     4.0000  05/25/67   689,782 
 195,678   Mill City Mortgage Loan Trust Series 2017-3 M2(a),(c)     3.2500  01/25/61   182,460 
 199,632   Mill City Mortgage Loan Trust Series 2019-1 M2(a),(c)     3.5000  10/25/69   178,303 
 170,000   New Residential Mortgage Loan Trust Series 2022-RTL1 A1F(a)     4.3360  12/25/26   166,854 
 138,799   New Residential Mortgage Loan Trust Series 2014-3A AFX3(a),(c)     3.7500  11/25/54   130,620 
 141,670   New Residential Mortgage Loan Trust Series 2016-3A B1(a),(c)     4.0000  09/25/56   133,176 
 35,113   New Residential Mortgage Loan Trust Series 2016-4A A1(a),(c)     3.7500  11/25/56   33,092 
 672,707   New Residential Mortgage Loan Trust Series 2017-2A A3(a),(c)     4.0000  03/25/57   638,871 
 470,592   New Residential Mortgage Loan Trust Series 2018-1A A1A(a),(c)     4.0000  12/25/57   448,939 
 37,867   New Residential Mortgage Loan Trust Series 2021-NQ2R A1(a),(c)     0.9410  09/25/58   34,565 
 215,000   New Residential Mortgage Loan Trust Series 2019-RPL2 M2(a),(c)     3.7500  02/25/59   187,403 
 702,609   New Residential Mortgage Loan Trust Series 2022-NQM2 A1(a),(c)     3.0790  03/27/62   644,223 
 135,000   Palisades Mortgage Loan Trust Series 2021-RTL1 A1(a),(d)     2.8570  06/25/26   134,581 
 160,520   PRET, LLC Series 2021-RN3 A1(a),(d)     1.8430  09/25/51   153,945 
 28,665   Provident Funding Mortgage Loan Trust Series 2019-1 A2(a),(c)     3.0000  12/25/49   24,712 
 582,672   RCKT Mortgage Trust Series 2023-CES1 A1A(a),(c)     6.5150  06/25/43   587,834 
 52,913   RCKT Mortgage Trust Series 2020-1 A1(a),(c)     3.0000  02/25/50   45,646 
 43,082   Residential Mortgage Loan Trust Series 2020-1 A1(a),(c)     2.3760  02/25/24   41,225 
 2,676   Residential Mortgage Loan Trust Series 2019-2 A1(a),(c)     2.9130  05/25/59   2,655 
 150,495   SG Residential Mortgage Trust Series 2021-1 A3(a),(c)     1.5600  07/25/61   121,177 
 61,347   Starwood Mortgage Residential Trust Series 2020-1 A1(a),(c)     2.2750  02/25/50   57,700 
 725,000   Towd Point Mortgage Trust Series 2017-1 A2(a),(c)     3.5000  10/25/56   711,121 
 265,000   Towd Point Mortgage Trust Series 2019-HY2 M1(a),(b)  TSFR1M + 1.714%  7.0500  05/25/58   274,859 
 365,000   Towd Point Mortgage Trust Series 2021-1 A2(a),(c)     2.7500  11/25/61   298,829 
 87,798   Verus Securitization Trust Series 2019-INV2 A1(a),(c)     3.9130  07/25/59   84,341 
 100,000   Verus Securitization Trust Series 2019-4 M1(a),(c)     3.2070  11/25/59   90,550 
 143,321   Verus Securitization Trust Series 2020-1 A1(a),(d)     3.4170  01/25/60   137,353 
 862,293   Verus Securitization Trust Series 2022-7 A1(a),(d)     5.1520  07/25/67   865,493 
 1,599,797   Verus Securitization Trust Series 2023-1 A1(a),(d)     5.8500  12/25/67   1,600,219 
 153,057   Wells Fargo Mortgage Backed Securities Series 2020-4 A1(a),(c)     3.0000  07/25/50   131,752 
                  17,136,202 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 31.8% (Continued)              
     CREDIT CARD — 0.5%              
 400,000   Discover Card Execution Note Trust Series A2 A     4.9300  06/15/28  $403,599 
 316,000   Mercury Financial Credit Card Master Trust Series 2023-1A A(a)     8.0400  09/20/27   320,533 
                  724,132 
     NON AGENCY CMBS — 2.9%              
 115,434   Angel Oak SB Commercial Mortgage Trust Series 2020-SBC1 A1(a),(c)     2.0680  05/25/50   105,531 
 280,000   BBCMS Mortgage Trust Series 2018-TALL(a),(b)  TSFR1M + 0.919%  6.2530  03/15/37   267,122 
 160,000   Benchmark Mortgage Trust Series 2023-B38 A2     5.6260  04/15/56   164,930 
 90,000   BPR Trust Series 2021-KEN A(a),(b)  TSFR1M + 1.364%  6.6970  02/15/29   89,947 
 610,000   BPR Trust Series 2022-OANA A(a),(b)  TSFR1M + 1.898%  7.2310  04/15/37   610,084 
 445,000   BX Trust Series 2019-OC11 B(a)     3.6050  12/09/41   401,598 
 410,000   BX Trust Series 2019-OC11 D(a),(c)     4.0750  12/09/41   362,602 
 150,000   COMM Mortgage Trust Series 2020-CBM B(a)     3.0990  02/10/37   143,509 
 548,635   CSMC Series 2019-ICE4 A(a),(b)  TSFR1M + 1.027%  6.3610  05/15/36   548,340 
 192,375   Extended Stay America Trust Series 2021-ESH C(a),(b)  TSFR1M + 1.814%  7.1470  07/15/38   190,690 
 305,000   GCT Commercial Mortgage Trust Series 2021-GCT A(a),(b)  TSFR1M + 0.914%  6.2480  02/15/38   246,371 
 419,000   JP Morgan Chase Commercial Mortgage Securities Series C13 E(a),(c)     3.9860  01/15/46   343,371 
 325,000   MIRA Trust Series 2023-Mile A(a)     6.7550  06/06/28   339,453 
 364,000   ORL Trust Series 2023-GLKS A(a),(b)  TSFR1M + 2.350%  7.6840  10/15/28   365,596 
 62,000   WFRBS Commercial Mortgage Trust Series 2014-C24 AS     3.9310  11/15/47   58,989 
                  4,238,133 
     OTHER ABS — 8.2%              
 336,000   Affirm Asset Securitization Trust Series 2023-B A(a)     6.8200  09/15/28   343,509 
 1,539,544   American Homes 4 Rent Series 2015-SFR1 A(a)     3.4670  04/17/52   1,503,933 
 230,000   American Homes 4 Rent Trust Series 2014-SFR2 C(a)     4.7050  10/17/36   227,633 
 220,000   American Homes 4 Rent Trust Series 2015-SFR2 C(a)     4.6910  10/17/45   216,481 
 369,645   AMSR Trust Series 2020-SFR1(a)     1.8190  04/17/25   354,775 
 175,000   AMSR Trust Series 2020-SFR1 B(a)     2.1200  04/17/37   167,879 
 250,000   AMSR Trust Series 2020-SFR2 C(a)     2.5330  07/17/37   238,679 
 100,000   AMSR Trust Series 2020-SFR2 D(a)     3.2820  07/17/37   96,224 
 375,860   Amur Equipment Finance Receivables XII, LLC Series 1A A2(a)     6.0900  12/20/29   379,465 
 113,642   Aqua Finance Trust Series 2017-A A(a)     3.7200  11/15/35   113,114 
 52,712   Aqua Finance Trust Series 2019-A A(a)     3.1400  07/16/40   49,750 
 204,044   Aqua Finance Trust Series 2019-A C(a)     4.0100  07/16/40   188,561 
 270,000   Aqua Finance Trust Series 2020-AA B(a)     2.7900  07/17/46   243,493 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 31.8% (Continued)              
     OTHER ABS — 8.2% (Continued)              
 472,850   Arbys Funding, LLC Series 1A A2(a)     3.2370  07/30/50  $436,232 
 220,000   CCG Receivables Trust Series 2021-1 C(a)     0.8400  06/14/27   214,231 
 103,437   CF Hippolyta, LLC Series 2020-1 A1(a)     1.6900  07/15/60   96,520 
 296,550   CLI Funding VI, LLC Series 2020-1A A(a)     2.0800  09/18/45   267,322 
 37,809   Corevest American Finance Trust Series 2020-1 A1(a)     1.8320  03/15/50   36,672 
 100,000   Corevest American Finance Trust Series 2019-3 C(a)     3.2650  10/15/52   88,918 
 160,322   Corevest American Finance Trust Series 2020-4 A(a)     1.1740  12/15/52   149,556 
 10,340   Dext A.B.S, LLC Series 2020-1 B(a)     1.9200  11/15/27   10,318 
 429,000   Dext A.B.S, LLC Series 2023-1 A2(a)     5.9900  03/15/32   427,138 
 286,814   Elara HGV Timeshare Issuer, LLC Series 2023-A A(a)     6.1600  02/25/38   293,808 
 130,000   FirstKey Homes Trust Series 2021-SFR1 D(a)     2.1890  08/17/28   118,573 
 375,000   FirstKey Homes Trust Series 2020-SFR2 B(a)     1.5670  10/19/37   350,852 
 76,479   Foundation Finance Trust Series 2019-1A A(a)     3.8600  11/15/34   75,920 
 362,202   Foundation Finance Trust Series 2023-2A A(a)     6.5300  06/15/49   370,306 
 65,906   HIN Timeshare Trust Series 2020-A C(a)     3.4200  10/09/39   62,480 
 129,025   Jersey Mike’s Funding Series 2019-1A A2(a)     4.4330  02/15/50   122,555 
 944,856   Kubota Credit Owner Trust Series 2023-1A A2(a)     5.4000  02/17/26   944,444 
 44,854   MVW, LLC Series 2020-1A A(a)     1.7400  10/20/37   42,085 
 302,367   MVW, LLC Series 2023-1A B(a)     5.4200  10/20/40   301,203 
 265,000   Octane Receivables Trust Series 2023-1A C(a)     6.3700  09/20/29   264,541 
 8,252   Oportun Funding, LLC Series 2022-1 A(a)     3.2500  06/15/29   8,233 
 28,810   Orange Lake Timeshare Trust Series 2019-A B(a)     3.3600  04/09/38   27,900 
 265,000   Progress Residential Series 2021-SFR3 D(a)     2.2880  05/17/26   244,274 
 201,000   Progress Residential Series 2021-SFR1 C(a)     1.5550  04/17/38   184,243 
 577,415   Progress Residential Trust Series 2020-SFR1 A(a)     1.7320  04/17/37   554,247 
 550,000   Progress Residential Trust Series 2020-SFR2 E(a)     5.1150  06/17/37   542,701 
 265,000   Regional Management Issuance Trust Series 2021-1 A(a)     1.6800  03/17/31   256,292 
 34,246   Sierra Timeshare Receivables Funding, LLC Series 2020-2A B(a)     2.3200  07/20/37   32,920 
 241,798   Sierra Timeshare Receivables Funding, LLC Series 2023-2A B(a)     6.2800  04/20/40   247,032 
 84,375   Taco Bell Funding, LLC Series 2016-1A A23(a)     4.9700  05/25/46   83,198 
 200,000   Tricon American Homes Trust Series 2020-SFR2 D(a)     2.2810  11/17/27   176,015 
 165,000   Tricon American Homes Trust Series 2019-SFR1 C(a)     3.1490  03/17/38   157,739 
 160,000   Tricon Residential Trust Series 2021-SFR1 B(a)     2.2440  07/17/38   148,223 
 460,000   Verizon Master Trust Series 1 A1A     5.0000  12/20/28   463,104 
                  11,923,291 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 31.8% (Continued)              
     RESIDENTIAL MORTGAGE — 1.3%              
 74,197   Ajax Mortgage Loan Trust Series 2019-D A1(a),(d)     2.9560  09/25/65  $70,029 
 111,627   Pretium Mortgage Credit Partners, LLC Series 2021-NPL1 A1(a),(d)     2.2390  09/27/60   111,379 
 135,000   Towd Point Mortgage Trust Series 2016-4 B1(a),(c)     4.0160  07/25/56   128,918 
 115,000   Towd Point Mortgage Trust Series 2017-1 M1(a),(c)     3.7500  10/25/56   111,073 
 460,000   Towd Point Mortgage Trust Series 2017-4 A2(a),(c)     3.0000  06/25/57   422,505 
 160,000   Towd Point Mortgage Trust Series 2017-6 A2(a),(c)     3.0000  10/25/57   147,864 
 140,000   Towd Point Mortgage Trust Series 2018-6 A1B(a),(c)     3.7500  03/25/58   133,043 
 300,000   Towd Point Mortgage Trust Series 2018-6 A2(a),(c)     3.7500  03/25/58   269,493 
 255,000   Towd Point Mortgage Trust Series 2019-2 A2(a),(c)     3.7500  12/25/58   233,733 
 235,000   Towd Point Mortgage Trust Series 2019-4 A2(a),(c)     3.2500  10/25/59   210,019 
 38,801   VCAT, LLC Series 2021-NPL2 A1(a),(d)     2.1150  03/27/51   38,596 
                  1,876,652 
                    
     TOTAL ASSET BACKED SECURITIES (Cost $47,100,630)            46,373,647 
                    
     CORPORATE BONDS — 32.9%              
     AEROSPACE & DEFENSE — 0.4%              
 200,000   Boeing Company (The)     5.8050  05/01/50   200,373 
 303,000   Boeing Company (The)     5.9300  05/01/60   302,529 
 85,000   TransDigm, Inc.     5.5000  11/15/27   83,190 
                  586,092 
     APPAREL & TEXTILE PRODUCTS — 0.2%              
 260,000   Tapestry, Inc.     7.8500  11/27/33   277,663 
                    
     ASSET MANAGEMENT — 1.8%              
 157,000   Blackstone Private Credit Fund     2.6250  12/15/26   142,604 
 65,000   Blackstone Private Credit Fund(a)     7.3000  11/27/28   67,963 
 128,000   Blue Owl Credit Income Corporation     4.7000  02/08/27   122,370 
 20,000   Blue Owl Credit Income Corporation(a)     6.6500  03/15/31   19,831 
 330,000   Blue Owl Finance, LLC(a)     3.1250  06/10/31   273,324 
 335,000   Brookfield Finance, Inc.     6.3500  01/05/34   358,912 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     ASSET MANAGEMENT — 1.8% (Continued)              
                    
 125,000   Charles Schwab Corporation (The)(b),(e)  SOFRRATE + 2.010%  6.1360  08/24/34  $132,114 
 305,000   Charles Schwab Corporation (The)(b)  H15T10Y + 3.079%  4.0000  03/01/69   253,598 
 255,000   Citadel, L.P.(a)     4.8750  01/15/27   249,912 
 250,000   Drawbridge Special Opportunities Fund, L.P. /(a)     3.8750  02/15/26   230,697 
 220,000   Icahn Enterprises, L.P. / Icahn Enterprises     5.2500  05/15/27   198,076 
 355,000   UBS Group A.G.(a),(b)  H15T1Y + 2.400%  4.9880  08/05/33   344,776 
 35,000   UBS Group A.G.(a),(b)  H15T5Y + 4.758%  9.2500  05/13/72   38,213 
 164,000   United Airlines Class A Pass Through Trust Series 2023-1 Class A(e)     5.8000  07/15/36   167,012 
                  2,599,402 
     AUTOMOTIVE — 0.3%              
 25,000   Clarios Global, L.P. / Clarios US Finance Company(a)     6.7500  05/15/28   25,351 
 70,000   Ford Motor Company     4.7500  01/15/43   57,566 
 200,000   Ford Motor Credit Company, LLC     6.8000  05/12/28   207,827 
 190,000   Nissan Motor Acceptance Company, LLC(a)     7.0500  09/15/28   199,848 
                  490,592 
     BANKING — 5.2%              
 200,000   Banco Mercantil del Norte S.A.(a),(b)  H15T10Y + 5.034%  6.6250  01/24/70   169,667 
 1,200,000   Bank of America Corporation(b)  SOFRRATE + 1.320%  2.6870  04/22/32   1,018,107 
 390,000   Bank of America Corporation(b),(e)  H15T5Y + 1.200%  2.4820  09/21/36   312,802 
 400,000   Barclays plc(b)  H15T1Y + 3.500%  7.4370  11/02/33   445,693 
 200,000   BBVA Bancomer S.A.(a),(b)  H15T5Y + 2.650%  5.1250  01/18/33   182,927 
 500,000   BPCE S.A.(a),(b)  SOFRRATE + 2.590%  7.0030  10/19/34   545,739 
 280,000   Citigroup, Inc.(b)  TSFR3M + 1.600%  3.9800  03/20/30   266,860 
 320,000   Citigroup, Inc.(b),(e)  SOFRRATE + 2.338%  6.2700  11/17/33   342,742 
 229,000   Citigroup, Inc.(b)  SOFRRATE + 2.661%  6.1740  05/25/34   237,758 
 250,000   Citizens Bank NA     2.2500  04/28/25   240,315 
 20,000   Citizens Financial Group, Inc.(b)  SOFRRATE + 2.010%  5.8410  01/23/30   20,144 
 250,000   Discover Bank     4.6500  09/13/28   239,295 
 250,000   Fifth Third Bancorp(b),(e)  SOFRRATE + 1.660%  4.3370  04/25/33   231,564 
 280,000   Huntington Bancshares, Inc.     2.5500  02/04/30   240,270 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     BANKING — 5.2% (Continued)              
 175,000   JPMorgan Chase & Company(b)  SOFRRATE + 1.180%  6.5350  02/24/28  $175,552 
 710,000   JPMorgan Chase & Company     1.9530  02/04/32   579,446 
 420,000   JPMorgan Chase & Company(b),(e)  SOFRRATE + 2.580%  5.7170  09/14/33   432,594 
 82,000   JPMorgan Chase & Company Series HH(b)  SOFRRATE + 3.125%  4.6000  08/01/68   80,142 
 375,000   Societe Generale S.A.(a),(b)  H15T1Y + 2.100%  6.0660  01/19/35   376,327 
 200,000   Texas Capital Bancshares, Inc.(b)  H15T5Y + 3.150%  4.0000  05/06/31   184,385 
 285,000   Toronto-Dominion Bank (The)(b),(e)  H15T5Y + 4.075%  8.1250  10/31/82   296,728 
 90,000   Truist Financial Corporation(b)  SOFRRATE + 1.922%  5.7110  01/24/35   91,374 
 285,000   Truist Financial Corporation(b)  H15T10Y + 4.349%  5.1000  03/01/69   264,273 
 280,000   Wells Fargo & Company(b)  SOFRRATE + 2.100%  4.8970  07/25/33   273,544 
 330,000   Wells Fargo & Company Series BB(b)  H15T5Y + 3.453%  3.9000  03/15/69   309,310 
                  7,557,558 
     BEVERAGES — 0.4%              
 185,000   Anheuser-Busch Companies, LLC / Anheuser-Busch     4.9000  02/01/46   179,575 
 270,000   Bacardi Ltd. / Bacardi-Martini BV(a),(e)     5.4000  06/15/33   271,344 
 75,000   Central American Bottling Corp / CBC Bottling(a)     5.2500  04/27/29   70,158 
                  521,077 
     BIOTECH & PHARMA — 0.8%              
 113,000   Amgen, Inc.(e)     5.2500  03/02/33   115,207 
 93,000   Amgen, Inc.     5.6500  03/02/53   95,857 
 40,000   Bausch Health Companies, Inc.(a)     5.7500  08/15/27   23,936 
 200,000   Cheplapharm Arzneimittel GmbH(a)     5.5000  01/15/28   191,699 
 45,000   Par Pharmaceutical, Inc.(a),(f)     7.5000  04/01/27   29,730 
 155,000   Royalty Pharma plc     2.1500  09/02/31   126,210 
 195,000   Royalty Pharma plc     3.3500  09/02/51   131,311 
 120,000   Teva Pharmaceutical Finance Netherlands III BV     3.1500  10/01/26   111,957 
 265,000   Utah Acquisition Sub, Inc.     3.9500  06/15/26   257,566 
 681   Viatris, Inc.(a)     2.3000  06/22/27   620 
 155,000   Viatris, Inc.     4.0000  06/22/50   109,654 
                  1,193,747 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     CABLE & SATELLITE — 0.3%              
 14,000   CCO Holdings, LLC / CCO Holdings Capital(a),(e)     6.3750  09/01/29  $13,638 
 180,000   CCO Holdings, LLC / CCO Holdings Capital(a)     4.7500  03/01/30   159,905 
 45,000   CCO Holdings, LLC / CCO Holdings Capital(a)     4.5000  08/15/30   39,136 
 200,000   CSC Holdings, LLC(a)     11.7500  01/31/29   203,518 
                  416,197 
     CHEMICALS — 0.5%              
 235,000   Bayport Polymers, LLC(a)     5.1400  04/14/32   213,850 
 189,000   INEOS Quattro Finance 2 plc(a)     3.3750  01/15/26   178,332 
 200,000   INEOS Quattro Finance 2 plc(a)     9.6250  03/15/29   210,500 
 130,000   Windsor Holdings III, LLC(a)     8.5000  06/15/30   135,044 
                  737,726 
     COMMERCIAL SUPPORT SERVICES — 0.2%              
 10,000   GFL Environmental, Inc.(a)     6.7500  01/15/31   10,237 
 265,000   UL Solutions, Inc.(a)     6.5000  10/20/28   279,413 
                  289,650 
     CONTAINERS & PACKAGING — 0.1%              
 190,000   Berry Global, Inc.(a)     5.6500  01/15/34   191,802 
                    
     ELEC & GAS MARKETING & TRADING — 0.2%              
 260,000   New York State Electric & Gas Corporation(a)     5.8500  08/15/33   271,866 
                    
     ELECTRIC UTILITIES — 2.7%              
 320,000   Black Hills Corporation     6.1500  05/15/34   335,780 
 355,000   CMS Energy Corporation(b)  H15T5Y + 4.116%  4.7500  06/01/50   321,896 
 250,000   Electricite de France S.A.(a)     6.9000  05/23/53   279,895 
 235,000   Enel Finance International N.V.(a)     7.5000  10/14/32   266,526 
 260,000   Entergy Texas, Inc.     5.8000  09/01/53   276,928 
 330,000   Exelon Corporation(e)     5.6000  03/15/53   332,835 
 188,000   National Rural Utilities Cooperative Finance(b)  TSFR3M + 3.172%  8.4890  04/30/43   186,092 
 384,000   NRG Energy, Inc.(a)     7.0000  03/15/33   405,645 
 100,000   PacifiCorporation     5.3000  02/15/31   101,469 
 480,000   PacifiCorporation(e)     5.8000  01/15/55   480,784 
 403,000   Puget Energy, Inc.     2.3790  06/15/28   360,325 
 404,000   Southern Company (The)(b)  H15T5Y + 2.915%  3.7500  09/15/51   377,859 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     ELECTRIC UTILITIES — 2.7% (Continued)              
 245,000   Vistra Corporation(a),(b)  H15T5Y + 6.930%  8.0000  04/15/70  $244,652 
                  3,970,686 
     ENGINEERING & CONSTRUCTION — 0.3%              
 140,000   Global Infrastructure Solutions, Inc.(a)     7.5000  04/15/32   129,077 
 398,000   Sempra Infrastructure Partners, L.P.(a)     3.2500  01/15/32   327,149 
                  456,226 
     FOOD — 0.2%              
 300,000   Pilgrim’s Pride Corporation     6.2500  07/01/33   306,708 
                    
     GAS & WATER UTILITIES — 0.3%              
 260,000   Brooklyn Union Gas Company (The)(a)     4.8660  08/05/32   242,663 
 255,000   KeySpan Gas East Corporation(a)     5.9940  03/06/33   258,366 
                  501,029 
     HEALTH CARE FACILITIES & SERVICES — 1.5%              
 225,000   AdaptHealth, LLC(a)     5.1250  03/01/30   176,912 
 290,000   Catalent Pharma Solutions, Inc.(a),(e)     3.5000  04/01/30   255,523 
 318,000   CVS Health Corporation     5.8750  06/01/53   326,624 
 185,000   HCA, Inc.(e)     5.5000  06/01/33   187,907 
 345,000   HCA, Inc.     5.2500  06/15/49   318,866 
 400,000   IQVIA, Inc.(a)     5.7000  05/15/28   407,685 
 540,000   Universal Health Services, Inc.     2.6500  01/15/32   442,091 
                  2,115,608 
     HOME & OFFICE PRODUCTS — 0.2%              
 275,000   Newell Brands, Inc.     6.3750  09/15/27   271,026 
                    
     HOME CONSTRUCTION — 0.5%              
 410,000   Ashton Woods USA, LLC / Ashton Woods Finance(a)     4.6250  04/01/30   368,569 
 404,000   Meritage Homes Corporation(a)     3.8750  04/15/29   372,362 
                  740,931 
     HOUSEHOLD PRODUCTS — 0.3%              
 370,000   Church & Dwight Company, Inc.     5.0000  06/15/52   360,839 
                    
     INDUSTRIAL SUPPORT SERVICES — 0.3%              
 405,000   Ashtead Capital, Inc.(a)     5.5000  08/11/32   402,882 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     INSTITUTIONAL FINANCIAL SERVICES — 1.6%              
 115,000   Bank of New York Mellon Corporation (The)(b)  SOFRINDX + 2.074%  5.8340  10/25/33  $121,628 
 265,000   Bank of New York Mellon Corporation (The)(b)  H15T5Y + 4.358%  4.7000  09/20/68   261,009 
 285,000   Goldman Sachs Group, Inc. (The)(b)  SOFRRATE + 1.090%  1.9920  01/27/32   231,901 
 310,000   Goldman Sachs Group, Inc. (The)     6.4500  05/01/36   338,685 
 225,000   Morgan Stanley Series F     3.1250  07/27/26   215,944 
 395,000   Morgan Stanley     6.3750  07/24/42   451,769 
 215,000   Northern Trust Corporation     3.3750  05/08/32   200,475 
 125,000   Northern Trust Corporation     6.1250  11/02/32   134,654 
 220,000   State Street Corporation(b)  SOFRRATE + 1.726%  4.1640  08/04/33   206,875 
 175,000   State Street Corporation(b)  H15T5Y + 2.613%  6.7000  03/15/74   174,997 
                  2,337,937 
     INSURANCE — 2.0%              
 200,000   Allianz S.E.(a),(b)  H15T5Y + 3.232%  6.3500  09/06/53   209,243 
 250,000   Allstate Corporation (The)(b)  TSFR3M + 3.200%  8.5790  08/15/53   250,526 
 185,000   Ascot Group Ltd.(a)     4.2500  12/15/30   152,915 
 391,000   Corebridge Financial, Inc.(b),(e)  H15T5Y + 3.846%  6.8750  12/15/52   392,444 
 150,000   GA Global Funding Trust(a)     5.5000  01/08/29   150,894 
 198,000   Global Atlantic Fin Company(a)     7.9500  06/15/33   219,991 
 45,000   HUB International Ltd.(a)     7.2500  06/15/30   46,504 
 175,000   Liberty Mutual Group, Inc.(a),(b)  H15T5Y + 3.315%  4.1250  12/15/51   153,678 
 168,000   Lincoln National Corporation(b)  TSFRM3 + 2.040%  7.6190  04/20/67   121,800 
 325,000   MetLife, Inc.(b)  H15T5Y + 3.576%  3.8500  03/15/69   310,894 
 126,000   MetLife, Inc.(b)  TSFR3M + 3.221%  5.8750  09/15/66   125,228 
 335,000   Nippon Life Insurance Company(a),(b)  H15T5Y + 2.954%  6.2500  09/13/53   349,363 
 104,000   Prudential Financial, Inc.(b)  H15T5Y + 3.162%  5.1250  03/01/52   97,268 
 53,000   Prudential Financial, Inc.(b)  H15T5Y + 3.234%  6.0000  09/01/52   52,952 
 210,000   Prudential Financial, Inc.(b)  H15T5Y + 2.848%  6.7500  03/01/53   217,618 
                  2,851,318 
     LEISURE FACILITIES & SERVICES — 0.1%              
 150,000   Churchill Downs, Inc.(a)     6.7500  05/01/31   152,322 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     MACHINERY — 0.7%              
 430,000   Regal Rexnord Corporation(a)     6.4000  04/15/33  $446,755 
 515,000   Veralto Corporation(a)     5.4500  09/18/33   527,668 
                  974,423 
     MEDICAL EQUIPMENT & DEVICES — 1.0%              
 144,000   Bio-Rad Laboratories, Inc.     3.3000  03/15/27   137,516 
 179,000   Bio-Rad Laboratories, Inc.     3.7000  03/15/32   160,724 
 570,000   DENTSPLY SIRONA, Inc.     3.2500  06/01/30   510,514 
 468,000   Illumina, Inc.     2.5500  03/23/31   391,643 
 350,000   Zimmer Biomet Holdings, Inc.(e)     3.5500  03/20/30   323,145 
                  1,523,542 
     METALS & MINING — 0.7%              
 115,000   Alliance Resource Operating Partners, L.P. /(a)     7.5000  05/01/25   114,826 
 255,000   Corp Nacional del Cobre de Chile(a)     5.9500  01/08/34   255,417 
 140,000   FMG Resources August Pty Ltd. Series 2006(a)     5.8750  04/15/30   138,434 
 295,000   Glencore Funding, LLC(a),(e)     2.8500  04/27/31   254,940 
 215,000   Teck Resources Ltd.     6.1250  10/01/35   224,696 
                  988,313 
     OIL & GAS PRODUCERS — 3.3%              
 540,000   BP Capital Markets plc(b)  H15T5Y + 4.398%  4.8750  12/22/00   512,488 
 160,000   CITGO Petroleum Corporation(a)     7.0000  06/15/25   160,082 
 130,000   Civitas Resources, Inc.(a)     8.7500  07/01/31   138,419 
 150,000   Columbia Pipelines Operating Company, LLC(a)     6.0360  11/15/33   157,377 
 25,000   Columbia Pipelines Operating Company, LLC(a)     6.5440  11/15/53   27,457 
 35,000   Columbia Pipelines Operating Company, LLC(a)     6.7140  08/15/63   38,753 
 95,000   CrownRock, L.P. / CrownRock Finance, Inc.(a)     5.0000  05/01/29   93,566 
 125,000   DT Midstream, Inc.(a)     4.1250  06/15/29   114,652 
 205,000   Ecopetrol S.A.     8.8750  01/13/33   216,554 
 275,000   Enbridge, Inc.(b)  H15T5Y + 4.418%  7.6250  01/15/83   278,614 
 120,000   Energy Transfer, L.P.(b)  H15T5Y + 5.306%  7.1250  05/15/69   116,332 
 175,000   Energy Transfer, L.P.(b)  H15T5Y + 5.694%  6.5000  11/15/69   169,552 
 425,000   Flex Intermediate Holdco, LLC(a)     3.3630  06/30/31   348,813 
 70,000   Genesis Energy, L.P. / Genesis Energy Finance     8.8750  04/15/30   73,284 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     OIL & GAS PRODUCERS — 3.3% (Continued)              
 320,000   Kinder Morgan, Inc.     7.7500  01/15/32  $365,821 
 50,000   NGL Energy Partners, L.P.(a)     8.1250  02/15/29   50,302 
 80,000   NGL Energy Partners, L.P.(a)     8.3750  02/15/32   80,667 
 360,000   Northern Natural Gas Company(a)     5.6250  02/01/54   367,925 
 185,000   Occidental Petroleum Corporation     6.1250  01/01/31   192,208 
 200,000   Pertamina Persero PT(a)     6.4500  05/30/44   211,948 
 365,000   Petroleos Mexicanos     6.5000  03/13/27   342,548 
 185,000   Petroleos Mexicanos     7.6900  01/23/50   129,441 
 250,000   Reliance Industries Ltd.(a)     2.8750  01/12/32   213,452 
 95,000   Venture Global Calcasieu Pass, LLC(a)     3.8750  08/15/29   85,431 
 40,000   Viper Energy Partners, L.P.(a)     7.3750  11/01/31   41,410 
 315,000   Western Midstream Operating, L.P.     5.2500  02/01/50   281,844 
                  4,808,940 
     OIL & GAS SERVICES & EQUIPMENT — 0.3%              
 35,000   Kodiak Gas Services, LLC(a)     7.2500  02/15/29   35,419 
 210,000   Nabors Industries Ltd.(a)     7.2500  01/15/26   206,256 
 160,000   Transocean, Inc.(a)     11.5000  01/30/27   167,318 
 90,000   USA Compression Partners, L.P. / USA Compression     6.8750  04/01/26   89,573 
                  498,566 
     REAL ESTATE INVESTMENT TRUSTS — 1.1%              
 310,000   EPR Properties     4.7500  12/15/26   299,238 
 108,000   GLP Capital, L.P. / GLP Financing II, Inc.     3.2500  01/15/32   90,930 
 260,000   GLP Capital, L.P. / GLP Financing II, Inc.(e)     6.7500  12/01/33   276,941 
 25,000   MPT Operating Partnership, L.P. / MPT Finance     4.6250  08/01/29   16,937 
 125,000   MPT Operating Partnership, L.P. / MPT Finance     3.5000  03/15/31   76,680 
 355,000   Sabra Health Care, L.P.     3.2000  12/01/31   290,016 
 75,000   Service Properties Trust     4.9500  02/15/27   68,719 
 205,000   VICI Properties, L.P.     4.9500  02/15/30   199,058 
 165,000   VICI Properties, L.P.     5.1250  05/15/32   157,815 
 150,000   VICI Properties, L.P. / VICI Note Company, Inc.(a)     4.1250  08/15/30   136,973 
                  1,613,307 
     REAL ESTATE OWNERS & DEVELOPERS — 0.2%              
 275,000   Ontario Teachers’ Cadillac Fairview Properties(a)     2.5000  10/15/31   221,359 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     RETAIL - DISCRETIONARY — 0.5%              
 205,000   Beacon Roofing Supply, Inc.(a)     6.5000  08/01/30  $207,953 
 175,000   BlueLinx Holdings, Inc.(a)     6.0000  11/15/29   165,673 
 345,000   PetSmart, Inc. / PetSmart Finance Corporation(a),(e)     7.7500  02/15/29   336,666 
                  710,292 
     SOFTWARE — 0.3%              
 90,000   Consensus Cloud Solutions, Inc.(a),(e)     6.5000  10/15/28   80,859 
 115,000   Oracle Corporation     6.2500  11/09/32   123,856 
 188,000   Oracle Corporation     5.5500  02/06/53   186,707 
 75,000   Oracle Corporation     3.8500  04/01/60   54,363 
                  445,785 
     SPECIALTY FINANCE — 1.4%              
 330,000   AerCap Ireland Capital DAC / AerCap Global     3.3000  01/30/32   283,003 
 225,000   American Express Company(b)  SOFRRATE + 1.930%  5.6250  07/28/34   230,962 
 235,000   Aviation Capital Group, LLC(a)     3.5000  11/01/27   218,879 
 210,000   Avolon Holdings Funding Ltd.(a)     4.3750  05/01/26   203,849 
 472,000   Capital One Financial Corporation     2.3590  07/29/32   357,136 
 290,000   First American Financial Corporation     4.0000  05/15/30   262,913 
 120,000   Ladder Capital Finance Holdings LLLP / Ladder(a)     4.2500  02/01/27   111,234 
 235,000   OneMain Finance Corporation     6.8750  03/15/25   236,068 
 150,000   Synchrony Financial     4.8750  06/13/25   147,939 
 67,000   Synchrony Financial     3.7000  08/04/26   63,629 
                  2,115,612 
     STEEL — 0.1%              
 195,000   ArcelorMittal S.A.     6.8000  11/29/32   209,634 
                    
     TECHNOLOGY HARDWARE — 0.2%              
 189,000   Dell International, LLC / EMC Corporation     8.1000  07/15/36   233,043 
                    
     TECHNOLOGY SERVICES — 1.3%              
 140,000   Booz Allen Hamilton, Inc.(a)     3.8750  09/01/28   131,975 
 275,000   Booz Allen Hamilton, Inc.(a)     4.0000  07/01/29   259,003 
 485,000   CoStar Group, Inc.(a)     2.8000  07/15/30   416,684 
 240,000   Gartner, Inc.(a)     3.7500  10/01/30   215,259 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 32.9% (Continued)              
     TECHNOLOGY SERVICES — 1.3% (Continued)              
 320,000   Leidos, Inc.     2.3000  02/15/31  $266,552 
 401,000   MSCI, Inc.(a)     3.6250  09/01/30   360,741 
 245,000   Science Applications International Corporation(a)     4.8750  04/01/28   232,586 
                  1,882,800 
     TELECOMMUNICATIONS — 0.7%              
 160,000   Level 3 Financing, Inc.(a)     4.2500  07/01/28   54,400 
 270,000   Level 3 Financing, Inc.(a)     3.6250  01/15/29   81,000 
 205,000   Sprint Capital Corporation     8.7500  03/15/32   251,795 
 62,500   Sprint Spectrum Company, LLC / Sprint Spectrum(a)     4.7380  03/20/25   62,039 
 254,000   T-Mobile USA, Inc.(e)     5.0500  07/15/33   254,092 
 360,000   Vodafone Group plc(e)     5.6250  02/10/53   362,493 
                  1,065,819 
     TOBACCO & CANNABIS — 0.2%              
 295,000   BAT Capital Corporation(e)     7.7500  10/19/32   335,124 
                    
     TRANSPORTATION & LOGISTICS — 0.5%              
 390,831   Alaska Airlines Class A Pass Through Trust Series 2021-1(a)     4.8000  08/15/27   382,428 
 309,106   Delta Air Lines Class AA Pass Through Trust Series 2015-1     3.6250  07/30/27   293,375 
                  675,803 
                    
     TOTAL CORPORATE BONDS (Cost $48,163,459)            47,903,246 
                    
     MUNICIPAL BONDS — 2.2%              
     CITY — 0.3%              
 340,000   City of Bristol VA     4.2100  01/01/42   299,200 
 145,000   City of San Antonio TX     1.9630  02/01/33   117,380 
                  416,580 
     GOVERNMENT LEASE — 0.1%              
 145,000   Texas Public Finance Authority     2.1400  02/01/35   113,434 
                    
     HOSPITALS — 0.1%              
 135,000   Idaho Health Facilities Authority     5.0200  03/01/48   127,314 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     MUNICIPAL BONDS — 2.2% (Continued)           
     LOCAL AUTHORITY — 0.6%           
 310,000   San Diego County Regional Airport Authority  5.5940  07/01/43  $305,001 
 600,000   State of Texas  3.2110  04/01/44   488,217 
 35,000   Texas Transportation Commission State Highway Fund  4.0000  10/01/33   33,884 
               827,102 
     MISCELLANEOUS TAX — 0.6%           
 765,000   Metropolitan Transportation Authority  5.0000  11/15/45   842,595 
                 
     SALES TAX — 0.0%(g)           
 20,000   Sales Tax Securitization Corporation  3.4110  01/01/43   15,990 
                 
     WATER AND SEWER — 0.5%           
 705,000   Broward County FL Water & Sewer Utility Revenue  4.0000  10/01/47   706,172 
 160,000   Santa Clara Valley Water District  2.9670  06/01/50   115,833 
               822,005 
                 
     TOTAL MUNICIPAL BONDS (Cost $3,537,606)         3,165,020 
                 
     NON U.S. GOVERNMENT & AGENCIES — 1.5%           
     SOVEREIGN — 1.5%           
 200,000   Brazilian Government International Bond  6.0000  10/20/33   197,957 
 515,000   Dominican Republic International Bond(a)  4.8750  09/23/32   460,909 
 250,000   Hungary Government International Bond(a)  6.2500  09/22/32   261,537 
 200,000   Mexico Government International Bond  2.6590  05/24/31   168,221 
 250,000   Mexico Government International Bond  6.3500  02/09/35   260,625 
 200,000   Mexico Government International Bond  6.0000  05/07/36   203,961 
 505,000   Romanian Government International Bond(a)  5.8750  01/30/29   510,711 
 200,000   Serbia International Bond(a)  6.5000  09/26/33   204,534 
               2,268,455 
     TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $2,230,318)         2,268,455 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 6.1%              
     AEROSPACE & DEFENSE — 0.1%              
 194,145   TransDigm, Inc.(b)  TSFR1M + 3.250%  8.5980  08/10/28  $194,558 
                    
     ASSET MANAGEMENT — 0.1%              
 34,825   FinCompany I, LLC(b)  TSFR1M + 3.000%  8.3830  06/27/29   34,929 
 40,000   GIP Pilot Acquisition Partners, L.P.(b)  TSFR3M + 3.000%  8.3270  09/15/30   40,083 
 75,000   GTCR W Merger Sub, LLC(b)  TSFR1M + 3.000%  8.3340  09/20/30   75,102 
                  150,114 
     AUTOMOTIVE — 0.2%              
 214,463   Clarios Global, L.P.(b)  TSFR1M + 3.000%  8.5950  05/06/30   214,865 
                    
     BEVERAGES — 0.1%              
 95,000   Pegasus Bidco BV(b)  TSFR1M + 3.750%  9.0860  07/12/29   95,309 
                    
     BIOTECH & PHARMA — 0.1%              
 114,188   Perrigo Investments, LLC(b)  TSFR1M + 2.500%  7.4560  04/07/29   114,140 
                    
     CABLE & SATELLITE — 0.5%              
 215,000   Cogeco Communications USA II, L.P.(b)  TSFR1M + 3.250%  8.6060  09/18/30   209,464 
 269,525   Directv Financing, LLC(b)  TSFR1M + 5.365%  10.7020  08/02/29   269,750 
 205,000   Virgin Media Bristol, LLC(b)  TSFR1M + 2.500%  7.9760  01/04/28   201,653 
                  680,867 
     CHEMICALS — 0.5%              
 158,934   INEOS US Finance, LLC(b)  TSFR1M + 3.750%  9.2060  11/08/27   158,020 
 129,328   Innophos Holdings, Inc.(b)  TSFR1M + 3.250%  8.7200  02/04/27   127,847 
 114,425   LSF11 A5 HoldCo, LLC(b)  TSFR1M + 4.350%  9.7060  10/15/28   114,569 
 60,000   Lummus Technology Holdings V, LLC(b)  TSFR1M + 3.500%  8.8350  06/30/27   60,045 
 54,862   Nouryon USA, LLC(b)  TSFR1M + 4.100%  9.4670  04/03/28   54,902 
 164,588   Windsor Holdings III, LLC(b)  TSFR3M + 4.500%  9.8480  06/22/30   165,022 
                  680,405 
     COMMERCIAL SUPPORT SERVICES — 0.4%              
 212,976   AlixPartners LLP(b)  TSFR1M + 2.750%  8.2200  01/28/28   213,124 
 166,978   Brightview Landscapes, LLC(b)  TSFR1M + 3.250%  8.6330  04/22/29   167,228 
 103,027   CHG Healthcare Services, Inc.(b)  TSFR1M + 3.500%  8.7200  09/30/28   102,827 
 70,000   CHG Healthcare Services, Inc.(b)  TSFR3M + 3.750%  9.1030  09/30/28   69,991 
                  553,170 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 6.1% (Continued)              
     CONSTRUCTION MATERIALS — 0.0%(g)              
 15,000   Summit Materials, LLC(b)  TSFR1M + 2.500%  7.8520  11/30/28  $15,061 
                    
     ELECTRIC UTILITIES — 0.1%              
 58,703   Generation Bridge Northeast, LLC(b)  TSFR1M + 4.250%  9.6060  08/07/29   59,045 
                    
     ELECTRICAL EQUIPMENT — 0.2%              
 267,308   Brookfield WEC Holdings, Inc.(b)  TSFR1M + 2.750%  8.2200  08/01/25   266,158 
                    
     ENGINEERING & CONSTRUCTION — 0.1%              
 200,000   Pike Corporation(b)  TSFR1M + 3.000%  8.4700  12/21/27   200,548 
                    
     ENTERTAINMENT CONTENT — 0.2%              
 248,092   Univision Communications, Inc.(b)  TSFR1M + 3.250%  8.7200  03/24/26   248,201 
                    
     FOOD — 0.3%              
 55,000   Chobani, LLC(b)  TSFR1M + 3.750%  9.1120  10/25/27   55,120 
 173,684   Del Monte Foods, Inc.(b)  TSFR1M + 4.250%  11.7500  05/16/29   155,701 
 267,396   Froneri US, Inc.(b)  TSFR1M + 2.250%  7.7060  01/30/27   267,352 
                  478,173 
     GAS & WATER UTILITIES — 0.0%(g)              
 35,000   NGL Energy Operating, LLC(b)  TSFR1M + 4.500%  9.8350  01/27/31   34,989 
                    
     HEALTH CARE FACILITIES & SERVICES — 0.0%(g)              
 10,000   Catalent Pharma Solutions, Inc.(b)  TSFR1M + 3.100%  8.3560  02/22/28   10,000 
 30,000   Phoenix Newco, Inc.(b)  TSFR1M + 3.250%  8.7200  08/11/28   29,956 
                  39,956 
     INSTITUTIONAL FINANCIAL SERVICES — 0.1%              
 120,477   Citadel Securities, L.P.(b)  TSFR1M + 2.500%  7.9700  07/26/30   120,448 
 40,000   Citadel Securities, L.P.(b)  TSFR1M + 2.250%  7.5880  07/29/30   39,990 
                  160,438 
     INSURANCE — 0.0%(g)              
 45,000   Acrisure, LLC(b)  TSFR1M + 4.500%  9.8880  10/20/30   45,225 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 6.1% (Continued)              
     INTERNET MEDIA & SERVICES — 0.1%              
 201,673   Uber Technologies, Inc.(b)  TSFR1M + 2.750%  8.1350  03/03/30  $201,915 
                    
     LEISURE FACILITIES & SERVICES — 0.7%              
 59,550   Caesars Entertainment, Inc.(b)  TSFR1M + 3.250%  8.7060  01/26/30   59,598 
 25,000   Caesars Entertainment, Inc.(b)  TSFR1M + 2.750%  8.0870  01/24/31   24,984 
 124,375   Carnival Corporation(b)  TSFR1M + 3.000%  8.3570  08/08/27   124,593 
 180,000   Flutter Financing BV(b)  TSFR1M + 2.250%  7.6980  11/18/30   179,550 
 35,000   Hilton Grand Vacations Borrower, LLC(b)  TSFR1M + 2.850%  8.0950  01/10/31   34,983 
 95,000   Hilton Worldwide Finance, LLC(b)  TSFR1M + 2.100%  7.4550  11/09/30   95,125 
 39,400   Light & Wonder International, Inc.(b)  TSFR1M + 2.850%  8.0830  04/16/29   39,494 
 40,000   Ontario Gaming GTA, L.P.(b)  TSFR1M + 4.250%  9.5980  07/20/30   40,100 
 153,446   Scientific Games Holdings, L.P.(b)  SOFRRATE + 3.500%  8.5800  02/04/29   152,423 
 249,717   UFC Holdings, LLC(b)  TSFR1M + 2.750%  8.3360  04/29/26   249,900 
                  1,000,750 
     MACHINERY — 0.3%              
 65,375   Alliance Laundry Systems, LLC(b)  TSFR3M + 3.500%  8.9940  09/30/27   65,452 
 124,048   Filtration Group Corporation(b)  TSFR1M + 3.500%  8.9700  10/19/28   124,180 
 70,137   Standard Industries, Inc.(b)  TSFR1M + 2.500%  7.7010  08/06/28   70,178 
 134,288   Titan Acquisition Ltd.(b)  TSFR1M + 3.115%  8.7310  03/16/25   134,271 
                  394,081 
     MEDICAL EQUIPMENT & DEVICES — 0.1%              
 212,834   Mozart Borrower, L.P.(b)  TSFR1M + 3.250%  8.4510  09/30/28   212,712 
                    
     METALS & MINING — 0.0%(g)              
 34,913   Arsenal AIC Parent, LLC(b)  TSFR1M + 4.500%  9.8560  07/27/30   34,963 
 15,000   Arsenal AIC Parent, LLC(b)  TSFR1M + 3.750%  9.0880  08/19/30   15,021 
                  49,984 
     OIL & GAS PRODUCERS — 0.1%              
 68,404   Freeport LNG Investments LLLP(b)  TSFR3M + 3.500%  9.1770  11/17/28   67,784 
 97,355   Oryx Midstream Services Permian Basin, LLC(b)  TSFR1M + 3.250%  8.7100  09/30/28   97,332 
                  165,116 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 6.1% (Continued)              
     PUBLISHING & BROADCASTING — 0.1%              
 94,000   Century DE Buyer, LLC(b)  TSFR3M + 4.000%  9.3170  09/27/30  $94,226 
                    
     REAL ESTATE INVESTMENT TRUSTS — 0.1%              
 180,000   Iron Mountain, Inc.(b)  TSFR1M + 2.250%  7.5960  01/31/31   179,269 
                    
     RETAIL - DISCRETIONARY — 0.3%              
 40,000   84 Lumber Company(b)  TSFR1M + 2.850%  8.2060  11/18/30   40,400 
 85,000   Peer Holding III BV(b)  TSFR1M + 3.250%  8.5980  10/19/30   85,266 
 153,038   PetSmart, Inc.(b)  TSFR1M + 3.750%  9.2060  01/29/28   152,544 
 134,656   SRS Distribution, Inc.(b)  TSFR1M + 3.500%  8.9700  05/20/28   134,122 
                  412,332 
     SOFTWARE — 0.6%              
 220,167   Applied Systems, Inc.(b)  TSFR1M + 4.500%  9.8480  09/19/26   221,048 
 25,000   Camelot US Acquisition, LLC(b)  TSFR1M + 2.750%  8.0850  01/31/31   25,000 
 132,947   CCC Intelligent Solutions, Inc.(b)  TSFR1M + 2.500%  7.7200  09/17/28   132,830 
 184,073   Central Parent, Inc.(b)  TSFR3M + 4.000%  9.3480  07/06/29   184,648 
 15,000   Epicor Software Corporation(b)  TSFR1M + 3.750%  9.1060  07/31/27   15,109 
 50,615   Open Text Corporation(b)  TSFR1M + 2.850%  8.2060  01/31/30   50,691 
 67,238   Sophia, L.P.(b)  TSFR1M + 3.600%  8.9560  10/07/27   67,226 
 195,735   UKG, Inc.(b)  TSFR3M + 3.250%  8.7640  05/03/26   196,040 
                  892,592 
     TECHNOLOGY SERVICES — 0.4%              
 122,577   Blackhawk Network Holdings, Inc.(b)  TSFR3M + 3.000%  8.1380  05/22/25   122,535 
 64,083   Dun & Bradstreet Corporation (The)(b)  TSFR1M + 2.750%  8.2050  02/08/26   64,163 
 85,000   KBR, Inc.(b)  TSFR1M + 2.100%  8.0850  01/10/31   84,929 
 68,354   NAB Holdings, LLC(b)  SOFRRATE + 3.000%  8.2480  11/18/28   68,361 
 243,625   Peraton Corporation(b)  TSFR1M + 3.750%  9.2060  02/24/28   243,659 
                  583,647 
     TELECOMMUNICATIONS — 0.2%              
 202,929   Cincinnati Bell, Inc.(b)  SOFRRATE + 3.250%  8.7060  11/17/28   200,859 
 129,338   Eagle Broadband Investments, LLC(b)  TSFR1M + 3.115%  8.6100  11/12/27   127,247 
                  328,106 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 6.1% (Continued)              
     TRANSPORTATION & LOGISTICS — 0.1%              
 100,016   Brown Group Holding, LLC(b)  TSFR1M + 2.500%  8.2060  04/22/28  $99,467 
 49,000   Mileage Plus Holdings, LLC(b)  TSFR3M + 5.250%  10.7700  06/25/27   50,567 
 52,500   SkyMiles IP Ltd.(b)  TSFR1M + 3.750%  9.1660  09/16/27   53,786 
                  203,820 
     TOTAL TERM LOANS (Cost $8,918,068)            8,949,772 
                    
     U.S. GOVERNMENT & AGENCIES — 23.5%              
     AGENCY FIXED RATE — 5.5%              
 6,869   Fannie Mae Pool 735061     6.0000  11/01/34   7,154 
 9,541   Fannie Mae Pool 866009     6.0000  03/01/36   9,937 
 62,096   Fannie Mae Pool 938574     5.5000  09/01/36   63,934 
 23,773   Fannie Mae Pool 310041     6.5000  05/01/37   25,396 
 10,386   Fannie Mae Pool 962752     5.0000  04/01/38   10,534 
 13,779   Fannie Mae Pool 909175     5.5000  04/01/38   14,189 
 53,786   Fannie Mae Pool 909220     6.0000  08/01/38   56,027 
 44,217   Fannie Mae Pool AS7026     4.0000  04/01/46   42,612 
 74,977   Fannie Mae Pool BJ9260     4.0000  04/01/48   71,630 
 867,070   Fannie Mae Pool FS4438     5.0000  11/01/52   858,650 
 663,936   Fannie Mae Pool MA4980     6.0000  04/01/53   674,257 
 582,361   Fannie Mae Pool MA5072     5.5000  06/01/53   584,676 
 67,121   Freddie Mac Gold Pool G01980     5.0000  12/01/35   68,170 
 10,097   Freddie Mac Gold Pool G05888     5.5000  10/01/39   10,412 
 354,625   Freddie Mac Pool SB8269     6.0000  10/01/38   361,809 
 2,212,413   Freddie Mac Pool SD2026     5.0000  11/01/52   2,190,589 
 625,601   Freddie Mac Pool SD3238     5.5000  12/01/52   629,257 
 2,312,681   Freddie Mac Pool SD8309     6.0000  03/01/53   2,347,242 
                  8,026,475 
     AGENCY MBS OTHER — 0.5%              
 676,507   Fannie Mae Pool MA4805     4.5000  11/01/52   654,853 
                    
     U.S. TREASURY BONDS — 2.1%              
 1,040,000   United States Treasury Bond     2.8750  05/15/49   805,553 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 23.5% (Continued)           
     U.S. TREASURY BONDS — 2.1% (Continued)           
 1,440,000   United States Treasury Bond  2.0000  02/15/50  $918,366 
 2,500,000   United States Treasury Bond  1.3750  08/15/50   1,343,506 
               3,067,425 
     U.S. TREASURY NOTES — 15.4%           
 365,000   United States Treasury Note  4.3750  08/31/28   372,236 
 1,210,000   United States Treasury Note  2.6250  02/15/29   1,140,047 
 485,000   United States Treasury Note  0.8750  11/15/30   398,543 
 540,000   United States Treasury Note  2.8750  05/15/32   499,004 
 2,110,000   United States Treasury Note  3.8750  08/15/33   2,095,164 
 2,045,000   United States Treasury Note  1.8750  02/15/51   1,253,361 
 1,135,000   United States Treasury Note  1.8750  11/15/51   692,904 
 310,000   United States Treasury Note  2.8750  05/15/52   239,184 
 5,925,000   United States Treasury Note  4.0000  11/15/52   5,685,223 
 3,405,000   United States Treasury Note  3.6250  02/15/53   3,052,396 
 3,920,000   United States Treasury Note  3.6250  05/15/53   3,517,588 
 730,000   United States Treasury Note  4.1250  08/15/53   716,826 
 2,575,000   United States Treasury Note  4.7500  11/15/53   2,806,750 
               22,469,226 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $38,545,292)         34,217,979 
                 
Shares               
     SHORT-TERM INVESTMENTS — 5.5%           
     COLLATERAL FOR SECURITIES LOANED - 2.8%           
 4,089,445   Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(h),(i)         4,089,445 
                 
     MONEY MARKET FUNDS - 2.7%           
 3,884,832   Fidelity Government Portfolio, Class I, 5.22%(h)         3,884,832 
                 
     TOTAL SHORT-TERM INVESTMENTS (Cost $7,974,277)         7,974,277 
                 
     TOTAL INVESTMENTS - 103.5% (Cost $156,469,650)        $150,852,396 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (3.5)%         (5,034,883)
     NET ASSETS - 100.0%        $145,817,513 

 

 

DUNHAM CORPORATE/GOVERNMENT BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

ABS - Asset-Backed Securities
   
CLO - Collateralized Loan Obligation
   
CMBS - Commercial Mortgage-Backed Securities
   
LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
MBS - Mortgage-Backed Securities
   
MSCI - Morgan Stanley Capital International
   
NV - Naamioze Vennootschap
   
PLC - Public Limited Company
   
SA - Société Anonyme
   
H15T10Y US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
   
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
   
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
   
SOFRINDX Secured Overnight Financing Rate Compounded
   
SOFRRATE United States Secured Overnight Financing Rate
   
TSFR1M Secured Overnight Financing Rate 1 month
   
TSFR3M Secured Overnight Financing Rate 3 month
   

 

(a)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is $63,733,525 or 43.7% of net assets.

 

(b)Variable rate security; the rate shown represents the rate on January 31, 2024.

 

(c)Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

(d)Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2024.

 

(e)All or a portion of these securities are on loan. Total loaned securities had a value of $4,010,759 at January 31, 2024.

 

(f)Represents issuer in default on interest payments; non-income producing security.

 

(g)Percentage rounds to less than 0.1%.

 

(h)Rate disclosed is the seven day effective yield as of January 31, 2024.

 

(i)The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 6.8%              
     CLO — 6.8%              
 1,500,000   Apidos CLO XX Series 2015-20A DR(a),(b)  US0003M + 5.700%  11.2760  07/16/31  $1,435,943 
 1,540,000   Atrium IX Series 9A ER(a),(b)  US0003M + 6.450%  12.0980  05/28/30   1,500,635 
 2,000,000   Benefit Street Partners Clo XII Ltd. Series 2017-12A D(a),(b)  US0003M + 6.410%  11.9860  10/15/30   1,950,157 
 1,250,000   Goldentree Loan Management US Clo 2 Ltd. Series 2017-2A E(a),(b)  US0003M + 4.700%  10.2790  11/28/30   1,249,111 
 1,750,000   THL Credit Wind River 2019-3 Clo Ltd. Series 2019-3A E2R(a),(b)  US0003M + 6.750%  12.3260  04/15/31   1,522,348 
                  7,658,194 
     TOTAL ASSET BACKED SECURITIES (Cost $7,882,971)            7,658,194 
                    
Principal         Coupon Rate        
Amount ($)         (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.1%              
     CABLE & SATELLITE — 0.5%              
 330,000   Altice Financing S.A.(a)     5.7500  08/15/29   287,955 
 500,000   CSC Holdings, LLC(a)     5.7500  01/15/30   265,535 
                  553,490 
     CHEMICALS — 0.4%              
 500,000   Consolidated Energy Finance S.A.(a)     5.6250  10/15/28   416,885 
                    
     COMMERCIAL SUPPORT SERVICES — 0.3%              
 450,000   Deluxe Corporation(a)     8.0000  06/01/29   405,563 
                    
     FOOD — 0.4%              
 524,000   HLF Financing Sarl, LLC / Herbalife International,(a)     4.8750  06/01/29   409,957 
                    
     HEALTH CARE FACILITIES & SERVICES — 0.4%              
 459,000   CHS/Community Health Systems, Inc.(a)     5.6250  03/15/27   424,652 
                    
     LEISURE FACILITIES & SERVICES — 0.5%              
 502,000   NCL Corporation Ltd.(a),(c)     7.7500  02/15/29   507,251 
                    
     METALS & MINING — 0.2%              
 184,000   Mineral Resources Ltd.(a)     9.2500  10/01/28   194,010 
 36,000   Mineral Resources Ltd.(a)     8.5000  05/01/30   37,068 
                  231,078 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.1% (Continued)           
     OIL & GAS PRODUCERS — 1.3%           
 330,000   Comstock Resources, Inc.(a)  5.8750  01/15/30  $286,776 
 494,000   ITT Holdings, LLC(a)  6.5000  08/01/29   432,586 
 450,000   Strathcona Resources Ltd.(a),(c)  6.8750  08/01/26   446,150 
 390,000   Vital Energy, Inc.  9.7500  10/15/30   414,929 
               1,580,441 
     REAL ESTATE INVESTMENT TRUSTS — 0.4%           
 514,000   Service Properties Trust  4.3750  02/15/30   398,662 
                 
     REAL ESTATE OWNERS & DEVELOPERS — 0.3%           
 458,000   Kennedy-Wilson, Inc.(c)  4.7500  03/01/29   383,825 
                 
     SOFTWARE — 0.3%           
 380,000   Helios Software Holdings, Inc. / ION Corporate(a)  4.6250  05/01/28   346,213 
                 
     SPECIALTY FINANCE — 0.9%           
 505,000   Apollo Commercial Real Estate Finance, Inc.(a)  4.6250  06/15/29   423,447 
 236,000   Burford Capital Global Finance, LLC(a)  6.8750  04/15/30   228,845 
 500,000   Cobra AcquisitionCo, LLC(a)  6.3750  11/01/29   406,875 
               1,059,167 
     TECHNOLOGY HARDWARE — 0.3%           
 520,000   Viasat, Inc.(a)  7.5000  05/30/31   390,650 
                 
     TECHNOLOGY SERVICES — 0.5%           
 475,000   ION Trading Technologies Sarl(a)  5.7500  05/15/28   435,632 
 10,000   Mobius Merger Sub, Inc.(a)  9.0000  06/01/30   9,888 
               445,520 
     TELECOMMUNICATIONS — 0.7%           
 500,000   Altice France S.A.(a)  5.5000  10/15/29   369,356 
 464,000   Sable International Finance Ltd.(a)  5.7500  09/07/27   449,291 
               818,647 
     TRANSPORTATION & LOGISTICS — 0.3%           
 301,631   Hawaiian Brand Intellectual Property Ltd. (a),(c)  5.7500  01/20/26   282,319 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)         (%)  Maturity  Fair Value 
     CORPORATE BONDS — 8.1% (Continued)              
     WHOLESALE - CONSUMER STAPLES — 0.4%              
 571,000   C&S Group Enterprises, LLC(a)     5.0000  12/15/28  $464,228 
                    
     TOTAL CORPORATE BONDS (Cost $10,037,871)            9,118,548 
                    
Principal         Coupon Rate        
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.5%              
     AEROSPACE & DEFENSE — 1.7%              
 820,875   Dynasty Acquisition Company, Inc.(b)  TSFR1M + 4.026%  9.3560  08/16/28   822,414 
 730,075   Spirit AeroSystems, Inc.(b)  TSFR1M + 4.303%  9.6330  11/23/27   731,218 
 351,804   Standard Aero Ltd.(b)  TSFR1M + 4.026%  9.3560  08/16/28   352,463 
                  1,906,095 
     ASSET MANAGEMENT — 2.6%              
 1,177,795   Advisor Group Holdings, Inc.(b)  TSFR1M + 4.526%  9.8560  08/10/28   1,178,166 
 677,514   Hightower Holding, LLC(b)  TSFR3M + 4.321%  9.6410  04/21/28   677,518 
 1,087,722   Nexus Buyer, LLC(b)  US0001M + 3.750%  9.2060  11/08/26   1,074,462 
                  2,930,146 
     BEVERAGES — 1.2%              
 1,335,999   Pegasus Bidco BV(b)  TSFR1M + 4.300%  9.6300  05/05/29   1,340,341 
                    
     CABLE & SATELLITE — 1.6%              
 1,182,891   CSC Holdings, LLC(b)  US0003M + 4.282%  9.8620  07/17/25   1,157,878 
 650,000   UPC Financing Partnership(b)  US0001M + 3.000%  8.4480  01/31/29   643,185 
                  1,801,063 
     CHEMICALS — 2.1%              
 420,323   Chemours Company (The)(b)  TSFR1M + 3.526%  8.8560  08/10/28   419,903 
 1,387,714   Groupe Solmax, Inc.(b)  US0001M + 4.750%  10.2200  07/23/28   1,344,965 
 570,411   Windsor Holdings III, LLC(b)  TSFR3M + 4.528%  9.8480  06/22/30   571,917 
                  2,336,785 
     COMMERCIAL SUPPORT SERVICES — 5.3%              
 770,118   Amentum Government Services Holdings, LLC(b)  SOFRRATE + 4.000%  9.3370  02/07/29   771,562 
 1,173,000   APX Group, Inc.(b)  US0001M + 2.500%  10.7500  07/01/28   1,173,733 
 264,093   CHG Healthcare Services, Inc.(b)  TSFR1M + 3.773%  9.1030  09/30/28   264,060 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.5% (Continued)              
     COMMERCIAL SUPPORT SERVICES — 5.3% (Continued)              
 982,331   Creative Artists Agency, LLC(b)  TSFR1M + 3.773%  8.8560  11/16/28  $983,829 
 1,121,462   Garda World Security Corporation(b)  US0001M + 4.250%  9.7250  10/30/26   1,124,529 
 35,472   Ryan, LLC(b)  TSFR1M + 4.495%  9.8250  11/09/30   35,542 
 336,987   Ryan, LLC(b)  TSFR1M + 4.526%  9.8560  11/09/30   337,646 
 1,172,932   Sotheby’s(b)  US0001M + 4.500%  10.1550  01/15/27   1,165,162 
                  5,856,063 
     CONSTRUCTION MATERIALS — 2.2%              
 910,684   Foley Products Company, LLC(b)  SOFRRATE + 4.750%  10.2480  02/10/29   912,678 
 876,869   Quikrete Holdings, Inc.(b)  TSFR1M + 2.890%  8.2200  03/18/29   877,873 
 705,695   US Silica Company(b)  TSFR1M + 4.776%  10.1060  03/17/30   708,532 
                  2,499,083 
     CONSUMER SERVICES — 2.4%              
 727,623   KUEHG Corporation(b)  TSFR1M + 5.018%  10.3480  05/31/30   729,308 
 1,168,611   Mckissock Investment Holdings, LLC(b)  SOFRRATE + 5.000%  10.5760  03/04/29   1,172,082 
 345,828   Prometric Holdings, Inc.(b)  TSFR1M + 5.390%  10.7200  01/29/28   346,547 
 485,858   Spring Education Group, Inc.(b)  TSFR1M + 4.518%  9.8480  09/29/30   487,378 
                  2,735,315 
     CONTAINERS & PACKAGING — 3.2%              
 1,172,379   Clydesdale Acquisition Holdings, Inc.(b)  TSFR1M + 4.250%  9.6310  03/30/29   1,166,329 
 1,262,373   LABL, Inc.(b)  US0001M + 5.000%  10.4560  10/22/28   1,201,690 
 653,054   Patriot Container Corporation(b)  US0003M + 3.750%  9.2060  03/16/25   636,591 
 582,003   Trident TPI Holdings, Inc.(b)  US0001M + 4.000%  9.6100  09/17/28   581,005 
                  3,585,615 
     E-COMMERCE DISCRETIONARY — 0.5%              
 535,377   CNT Holdings I Corporation(b)  US0001 M + 3.500%  8.9260  10/16/27   535,155 
                    
     ELECTRIC UTILITIES — –%(d)              
 635,000   Texas Competitive Electric Holdings Company, LLC (e),(h)     —  11/22/49   — 
                    
     ELECTRICAL EQUIPMENT — 0.7%              
 663,347   Icebox Holdco III, Inc.(b)  US0001M + 3.750%  9.11000.  12/22/28   660,136 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.5% (Continued)              
     ELECTRICAL EQUIPMENT — 0.7% (Continued)              
 179,825   Icebox Holdco III, Inc.(b)  US0001M + 6.750%  12.3600  12/15/29  $165,214 
                  825,350 
     ENGINEERING & CONSTRUCTION — 1.0%              
 1,173,000   USIC Holdings, Inc.(b)  US0001M + 3.500%  9.1100  05/14/28   1,164,724 
                    
     ENTERTAINMENT CONTENT — 1.5%              
 598,905   NEP Group, Inc.(b)  TSFR1M + 3.255%  8.5850  08/19/26   587,676 
 1,109,094   Univision Communications, Inc.(b)  TSFR1M + 4.268%  9.5980  06/10/29   1,112,283 
                  1,699,959 
     GAS & WATER UTILITIES — 0.1%              
 121,526   NGL Energy Operating, LLC(b)  TSFR1M + 4.268%  9.8350  01/27/31   121,489 
                    
     HEALTH CARE FACILITIES & SERVICES — 5.0%              
 1,173,000   Bella Holding Company, LLC(b)  US0001M + 3.750%  9.2060  04/01/28   1,171,428 
 388,066   Charlotte Buyer, Inc.(b)  TSFR3M + 5.266%  10.5860  02/11/28   389,102 
 1,171,789   Corgi BidCo, Inc.(b)  TSFR1M + 5.018%  10.3480  09/20/29   1,172,199 
 1,182,152   Milano Acquisition Corporation(b)  US0001M + 4.000%  9.4480  08/17/27   1,152,007 
 990,281   Phoenix Newco, Inc.(b)  US0001M + 3.250%  8.7200  08/11/28   988,836 
 871,419   Team Health Holdings, Inc.(b)  SOFRRATE + 5.250%  10.6330  02/17/27   728,724 
                  5,602,296 
     HOME & OFFICE PRODUCTS — 0.2%              
 247,506   AI Aqua Merger Sub, Inc.(b)  TSFR1M + 4.276%  9.6060  07/30/28   247,739 
                    
     INDUSTRIAL INTERMEDIATE PROD — 0.6%              
 639,207   Crosby US Acquisition Corporation(b)  TSFR1M + 5.027%  10.3570  06/27/26   640,504 
                    
     INSURANCE — 3.9%              
 469,695   Alliant Holdings Intermediate, LLC(b)  TSFR1M + 4.276%  8.8330  11/06/30   471,208 
 452,422   Asurion, LLC(b)  US0001 M + 3.250%  8.7200  12/18/26   451,123 
 657,083   Asurion, LLC(b)  US0001 M + 3.250%  8.7200  07/28/27   648,413 
 355,000   Asurion, LLC(b)  US0001M + 5.250%  10.7200  01/29/28   341,054 
 365,000   Asurion, LLC(b)  US0001M + 5.250%  10.7200  01/14/29   347,064 
 549,059   BroadStreet Partners, Inc.(b)  TSFR1M + 3.776%  9.1060  01/26/29   549,402 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.5% (Continued)              
     INSURANCE — 3.9% (Continued)              
 337,682   Hyperion Refinance Sarl(b)  TSFR1M + 4.047%  9.3770  03/24/30  $337,923 
 1,221,358   Sedgwick Claims Management Services, Inc.(b)  TSFR1M + 3.776%  9.1060  02/17/28   1,223,196 
                  4,369,383 
     LEISURE FACILITIES & SERVICES — 5.6%              
 1,314,192   Aimbridge Acquisition Company, Inc.(b)  US0003M + 3.750%  9.2200  02/01/26   1,258,930 
 560,938   BCPE Grill Parent, Inc.(b)  TSFR1M + 4.776%  10.1060  09/21/30   555,096 
 633,490   Carnival Corporation(b)  US0001M + 3.250%  8.7200  10/08/28   634,381 
 831,998   Dave & Buster’s, Inc.(b)  TSFR1M + 3.256%  8.5860  06/29/29   832,692 
 322,481   Motion Finco Sarl(b)  TSFR1M + 3.502%  8.8320  11/30/29   320,669 
 399,952   Ontario Gaming GTA, L.P.(b)  TSFR1M + 4.268%  9.5980  07/20/30   400,952 
 859,138   Playa Resorts Holding BV(b)  TSFR1M + 4.278%  9.6080  11/22/28   860,160 
 1,437,137   Wok Holdings, Inc.(b)  US0003M + 6.250%  11.7830  03/01/26   1,427,896 
                  6,290,776 
     LEISURE PRODUCTS — 0.9%              
 1,063,836   Varsity Brands Holding Company, Inc.(b)  US0003M + 3.500%  10.4700  12/15/24   1,061,841 
                    
     MACHINERY — 1.7%              
 757,714   Alliance Laundry Systems, LLC(b)  US0001M + 3.500%  8.9940  09/30/27   758,608 
 1,171,948   STS Operating, Inc.(b)  US0003M + 4.250%  9.7060  12/07/24   1,175,610 
                  1,934,218 
     MEDICAL EQUIPMENT & DEVICES — 0.9%              
 559,334   Mozart Borrower, L.P.(b)  US0001M + 3.250%  8.4510  09/30/28   559,013 
 501,862   Sotera Health Holdings, LLC(b)  TSFR1M + 3.776%  9.1060  12/11/26   502,489 
                  1,061,502 
     METALS & MINING — 0.5%              
 598,666   Arsenal AIC Parent, LLC(b)  TSFR1M + 4.526%  9.8560  07/27/30   599,522 
                    
     OIL & GAS PRODUCERS — 3.1%              
 328,178   EG America, LLC(b)  TSFR1M + 5.283%  10.6130  02/07/28   322,229 
 777,535   EG America, LLC(b)  TSFR1M + 5.908%  11.2380  02/07/28   763,442 
 1,161,022   M6 ETX Holdings II Midco, LLC(b)  TSFR1M + 4.625%  9.9550  08/11/29   1,163,716 
 1,179,057   Medallion Midland Acquisition, L.P.(b)  TSFR1M + 3.534%  8.8640  10/18/28   1,185,324 
                  3,434,711 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.5% (Continued)              
     OIL & GAS SERVICES & EQUIPMENT — –%(d)              
 1,140   Paragon Offshore Finance Company(b)  US0003M+ 5.580%  5.5800  07/15/22  $— 
                    
     PUBLISHING & BROADCASTING — 0.8%              
 997,147   Sinclair Television Group, Inc.(b)  TSFR1M + 3.750%  9.2060  04/13/29   903,978 
                    
     REAL ESTATE INVESTMENT TRUSTS — 1.0%              
 1,175,729   Claros Mortgage Trust, Inc.(b)  TSFR1M + 4.625%  9.9560  08/09/26   1,131,640 
                    
     REAL ESTATE OWNERS & DEVELOPERS — 0.5%              
 506,086   Greystar Real Estate Partners, LLC(b)  TSFR1M + 3.795%  9.1250  08/07/30   507,035 
                    
     REAL ESTATE SERVICES — 0.1%              
 143,774   Cushman & Wakefield US Borrower, LLC(b)  TSFR1M + 4.026%  9.3560  01/31/30   143,235 
                    
     RETAIL - DISCRETIONARY — 3.8%              
 721,994   Hertz Corporation (The)(b)  US0001M + 3.250%  8.7200  06/14/28   715,172 
 139,557   Hertz Corporation (The)(b)  US0001M + 3.250%  8.7200  06/14/28   138,238 
 1,047,798   JP Intermediate B, LLC(b)  TSFR1M + 5.815%  11.1450  11/20/27   220,037 
 1,266,102   LBM Acquisition, LLC(b)  US0001M + 3.750%  9.2060  12/18/27   1,256,848 
 1,012,581   Park River Holdings, Inc.(b)  US0001 M + 3.403%  8.8430  01/22/28   986,001 
 511,418   Petco Health & Wellness Company, Inc.(b)  US0001M + 3.250%  8.8600  02/25/28   481,431 
 272,880   PetSmart, Inc.(b)  US0003M + 3.750%  9.2060  01/29/28   272,000 
 160,090   Wand NewCompany 3, Inc.(b)  TSFR1M + 3.758%  9.0880  01/20/31   160,365 
                  4,230,092 
     SOFTWARE — 11.3%              
 701,261   Applied Systems, Inc.(b)  US0003M + 2.000%  9.8480  09/19/24   704,066 
 1,127,831   athenahealth, Inc.(b)  SOFRRATE + 3.500%  8.6060  01/27/29   1,114,438 
 1,173,313   Barracuda Networks, Inc.(b)  TSFR1M + 4.553%  9.8830  08/15/29   1,141,979 
 1,149,433   Central Parent, Inc.(b)  TSFR1M + 4.018%  9.3480  07/06/29   1,153,025 
 1,173,481   Condor Merger Sub, Inc.(b)  SOFRRATE + 4.000%  9.2030  02/03/29   1,165,266 
 586,294   Dcert Buyer, Inc.(b)  US0003M + 4.000%  9.3560  08/08/26   583,732 
 600,000   Dcert Buyer, Inc.(b)  US0001M + 7.000%  12.3560  02/16/29   552,375 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.5% (Continued)              
     SOFTWARE — 11.3% (Continued)              
 561,169   Epicor Software Corporation(b)  US0001M + 3.250%  8.7200  07/31/27  $562,193 
 767,760   Greeneden US Holdings II, LLC(b)  US0001 M + 4.000%  9.4700  10/08/27   769,441 
 211,661   Helios Software Holdings, Inc.(b)  US0001M + 3.750%  9.2900  03/11/28   209,809 
 1,166,200   Proofpoint, Inc.(b)  US0001M + 3.250%  8.7200  06/10/28   1,159,926 
 800,830   Rackspace Technology Global, Inc.(b)  TSFR1M +2.900%  8.2300  02/09/28   349,250 
 1,075,863   RealPage, Inc.(b)  US0001M + 3.250%  8.4700  02/18/28   1,054,652 
 771,284   Sophia, L.P.(b)  US0003M + 3.250%  8.9560  09/23/27   771,145 
 264,318   Sophia, L.P.(b)  SOFRRATE + 4.250%  9.6060  10/07/27   264,979 
 1,172,449   Ultimate Software Group, Inc. (The)(b)  US0003M + 3.750%  9.2330  04/08/26   1,174,373 
                  12,730,649 
     SPECIALTY FINANCE — 1.2%              
 616,275   Apollo Commercial Real Estate Finance, Inc.(b)  US0001M + 3.500%  8.9630  03/11/28   610,112 
 830,008   Fly Funding II Sarl(b)  US0003M + 1.800%  7.3800  08/09/25   788,594 
                  1,398,706 
     TECHNOLOGY HARDWARE — 2.1%              
 1,172,237   VeriFone Systems, Inc.(b)  US0003M + 4.000%  9.6410  08/20/25   1,126,525 
 1,201,762   Viasat, Inc.(b)  SOFRRATE + 4.500%  9.8560  02/24/29   1,185,334 
                  2,311,859 
     TECHNOLOGY SERVICES — 4.5%              
 364,636   Ahead DB Holdings, LLC(b)  TSFR1M + 4.255%  9.5850  01/24/31   364,180 
 175,500   ION Trading Finance Ltd.(b)  US0001M + 4.750%  10.1980  03/26/28   173,068 
 462,156   MoneyGram International, Inc.(b)  TSFR1M + 4.255%  10.8770  06/01/30   454,117 
 1,203,327   MPH Acquisition Holdings, LLC(b)  US0001M + 4.250%  9.9000  08/17/28   1,153,690 
 1,169,631   Peraton Corporation(b)  US0001M + 3.750%  9.2060  02/24/28   1,169,795 
 1,157,242   Sitel Worldwide Corporation(b)  US0001M + 3.750%  9.2200  07/29/28   1,119,273 
 581,141   Verscend Holding Corporation(b)  US0001M + 4.000%  9.4700  08/27/25   582,489 
                  5,016,612 
     TELECOMMUNICATIONS — 2.1%              
 836,234   Altice France S.A.(b)  US0003M + 3.688%  10.8940  01/09/26   762,194 
 883,074   CCI Buyer, Inc.(b)  US0001M + 4.000%  9.3480  12/12/27   882,050 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     TERM LOANS — 79.5% (Continued)              
     TELECOMMUNICATIONS — 2.1% (Continued)              
 1,201,429   Telesat, LLC(b)  US0001M + 2.750%  8.4000  12/06/26  $737,527 
                  2,381,771 
     TRANSPORTATION & LOGISTICS — 3.6%              
 962,866   Air Canada(b)  US0001M + 3.500%  9.1390  07/27/28   965,048 
 539,955   American Airlines, Inc.(b)  TSFR1M + 3.539%  8.8690  05/29/29   540,011 
 1,172,506   Kenan Advantage Group, Inc. (The)(b)  US0001M + 3.750%  9.2200  03/24/26   1,170,490 
 545,692   United Airlines, Inc.(b)  US0001M + 3.750%  9.2010  04/14/28   547,441 
 776,093   WestJet Airlines Ltd.(b)  TSFR1M + 3.539%  8.4370  10/08/26   775,934 
                  3,998,924 
     TOTAL TERM LOANS (Cost $90,414,055)            89,334,176 
                    
Shares      Expiration Date  Exercise Price     Fair Value 
     RIGHT — 0.0%(d)              
     NON-LISTED RIGHT - 0.0% (d)              
 10,588   TRA Rights  11/22/2024  —      15,088 
                    
     TOTAL RIGHT (Cost $17,470)            15,088 
                    
Shares      Expiration Date  Exercise Price     Fair Value 
     WARRANT — 0.0%(d)              
     PUBLISHING & BROADCASTING - 0.0% (d)              
 14,905   iHeartMedia, Inc.  05/02/2039  $                0.00      33,536 
                    
     TOTAL WARRANT (Cost $287,609)            33,536 
                    
Shares               Fair Value 
     SHORT-TERM INVESTMENTS — 7.2%              
     MONEY MARKET FUND – 5.7%              
 6,406,925   Fidelity Money Market Government Portfolio Class I, 5.22%(f)            6,406,925 

 

 

DUNHAM FLOATING RATE BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 7.2% (Continued)     
     COLLATERAL FOR SECURITIES LOANED – 1.5%     
 1,663,257   Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(f),(g)  $1,663,257 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $8,070,182)   8,070,182 
           
           
     TOTAL INVESTMENTS - 101.6% (Cost $116,710,158)  $114,229,724 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)%   (1,810,311)
     NET ASSETS - 100.0%  $112,419,413 

 

LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
REIT - Real Estate Investment Trust
   
S/A - Société Anonyme
   
SOFRRATE United States SOFR Secured Overnight Financing Rate
   
TSFR1M One Month Term Secured Overnight Financing Rate
   
TSFR3M Three Month Term Secured Overnight Financing Rate
   
US0001M ICE LIBOR USD 1 Month
   
US0003M ICE LIBOR USD 3 Month

 

(a)Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is 15,579,326 or 13.9% of net assets.

 

(b)Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

 

(c)All or a portion of these securities are on loan. Total loaned securities had a value of $1,630,403 at January 31, 2024.

 

(d)Percentage rounds to less than 0.1%.

 

(e)Represents issuer in default on interest payments; non-income producing security.

 

(f)Rate disclosed is the seven day effective yield as of January 31, 2024.

 

(g)The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

(h)Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total values of these securities is $0.

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024

 

Shares               Fair Value 
     COMMON STOCKS — 1.9%              
     OIL & GAS SERVICES & EQUIPMENT - 1.9%              
 50   Hi-Crush(a)           $2,685,900 
                    
     TOTAL COMMON STOCKS (Cost $1,196,933)            2,685,900 
                    
Principal         Coupon Rate        
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5%              
     AEROSPACE & DEFENSE — 0.4%              
 493,000   Rolls-Royce plc(b)     5.7500  10/15/27   494,869 
                    
     ASSET MANAGEMENT — 0.7%              
 415,000   AG Issuer, LLC(b)     6.2500  03/01/28   410,263 
 623,000   NFP Corporation(b)     4.8750  08/15/28   617,346 
                  1,027,609 
     AUTOMOTIVE — 1.5%              
 185,000   Ford Motor Company     3.2500  02/12/32   152,725 
 93,000   Ford Motor Company     4.7500  01/15/43   76,481 
 440,000   Ford Motor Credit Company, LLC     4.9500  05/28/27   430,659 
 953,000   Ford Motor Credit Company, LLC     7.3500  11/04/27   1,004,694 
 461,000   Ford Motor Credit Company, LLC     4.0000  11/13/30   411,569 
                  2,076,128 
     BIOTECH & PHARMA — 1.1%              
 200,000   Organon Finance 1, LLC(b)     4.1250  04/30/28   183,183 
 589,000   Organon Finance 1, LLC(b),(c)     5.1250  04/30/31   504,387 
 400,000   Teva Pharmaceutical Finance Netherlands III BV     5.1250  05/09/29   385,923 
 425,000   Teva Pharmaceutical Finance Netherlands III BV(c)     7.8750  09/15/29   458,959 
                  1,532,452 
     CABLE & SATELLITE — 5.2%              
 1,090,000   Altice Financing S.A.(b),(c)     5.0000  01/15/28   979,225 
 525,000   Altice Financing S.A.(b)     5.7500  08/15/29   458,111 
 711,000   Block Communications, Inc.(b)     4.8750  03/01/28   639,114 
 855,000   Cable One, Inc.(b),(c)     4.0000  11/15/30   688,865 
 378,000   CCO Holdings, LLC / CCO Holdings Capital(b)     5.0000  02/01/28   357,125 
 825,000   CCO Holdings, LLC / CCO Holdings Capital(b)     5.3750  06/01/29   771,544 
 470,000   CCO Holdings, LLC / CCO Holdings Capital(b),(c)     6.3750  09/01/29   457,854 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     CABLE & SATELLITE — 5.2% (Continued)              
 200,000   CSC Holdings, LLC(b)     11.7500  01/31/29  $203,518 
 775,000   CSC Holdings, LLC(b)     5.7500  01/15/30   411,579 
 1,045,000   CSC Holdings, LLC(b),(c)     4.6250  12/01/30   534,157 
 990,000   Sirius XM Radio, Inc.(b)     4.0000  07/15/28   900,456 
 130,000   Sirius XM Radio, Inc.(b)     3.8750  09/01/31   108,470 
 635,000   UPC Broadband Finco BV(b)     4.8750  07/15/31   559,479 
 207,000   Virgin Media Finance plc(b)     5.0000  07/15/30   184,687 
                  7,254,184 
     CHEMICALS — 2.2%              
 1,044,000   Consolidated Energy Finance S.A.(b)     5.6250  10/15/28   870,456 
 435,000   Methanex Corporation     5.1250  10/15/27   420,153 
 531,000   Minerals Technologies, Inc.(b)     5.0000  07/01/28   508,249 
 525,000   Olympus Water US Holding Corporation(b)     9.7500  11/15/28   560,591 
 596,000   Trinseo Materials Operating SCA / Trinseo(b)     5.1250  04/01/29   233,066 
 463,000   Windsor Holdings III, LLC(b)     8.5000  06/15/30   480,964 
                  3,073,479 
     COMMERCIAL SUPPORT SERVICES — 3.9%              
 685,000   Allied Universal Holdco, LLC / Allied Universal(b)     4.6250  06/01/28   621,912 
 312,000   Covanta Holding Corporation     5.0000  09/01/30   267,362 
 255,000   Covert Mergeco, Inc.(b)     4.8750  12/01/29   221,913 
 1,100,000   Deluxe Corporation(b)     8.0000  06/01/29   991,375 
 505,000   Garda World Security Corporation(b),(c)     9.5000  11/01/27   506,734 
 222,000   Garda World Security Corporation(b)     6.0000  06/01/29   195,167 
 1,075,000   Harsco Corporation(b)     5.7500  07/31/27   1,011,553 
 400,000   Prime Security Services Borrower, LLC / Prime(b)     5.7500  04/15/26   400,343 
 518,000   Sotheby’s(b)     7.3750  10/15/27   498,551 
 350,000   Sotheby’s/Bidfair Holdings, Inc.(b)     5.8750  06/01/29   302,557 
 580,000   TriNet Group, Inc.(b)     3.5000  03/01/29   512,422 
                  5,529,889 
     CONSTRUCTION MATERIALS — 0.7%              
 328,000   Standard Industries, Inc.(b)     4.7500  01/15/28   314,009 
 724,000   Standard Industries, Inc.(b)     3.3750  01/15/31   614,760 
                  928,769 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     CONSUMER SERVICES — 1.2%              
 890,000   PROG Holdings, Inc.(b)     6.0000  11/15/29  $813,140 
 901,000   Rent-A-Center, Inc.(b),(c)     6.3750  02/15/29   859,743 
                  1,672,883 
     CONTAINERS & PACKAGING — 2.6%              
 764,000   Ardagh Metal Packaging Finance USA, LLC / Ardagh(b),(c)     3.2500  09/01/28   668,465 
 600,000   Clydesdale Acquisition Holdings, Inc.(b)     6.6250  04/15/29   597,625 
 500,000   Clydesdale Acquisition Holdings, Inc.(b)     8.7500  04/15/30   475,659 
 479,000   Crown Americas, LLC(c)     5.2500  04/01/30   463,320 
 507,000   LABL, Inc.(b)     5.8750  11/01/28   454,874 
 329,000   LABL, Inc.(b)     9.5000  11/01/28   328,437 
 382,000   Mauser Packaging Solutions Holding Company(b),(c)     7.8750  08/15/26   386,762 
 465,000   Silgan Holdings, Inc.     4.1250  02/01/28   435,858 
                  3,811,000 
     ELECTRIC UTILITIES — 3.4%              
 703,000   Calpine Corporation(b)     5.0000  02/01/31   638,466 
 332,000   Calpine Corporation(b)     3.7500  03/01/31   289,916 
 670,000   Clearway Energy Operating, LLC(b)     3.7500  01/15/32   569,684 
 365,000   NextEra Energy Operating Partners, L.P.(b),(c)     4.5000  09/15/27   346,119 
 645,000   NextEra Energy Operating Partners, L.P.(b),(c)     7.2500  01/15/29   665,017 
 815,000   NRG Energy Inc(b),(c)     3.6250  02/15/31   699,138 
 555,000   NRG Energy, Inc.(b)     5.2500  06/15/29   532,910 
 310,000   Vistra Operations Company, LLC(b)     5.0000  07/31/27   300,441 
 560,000   Vistra Operations Company, LLC(b)     7.7500  10/15/31   582,147 
                  4,623,838 
     ENGINEERING & CONSTRUCTION — 0.4%              
 557,000   VM Consolidated, Inc.(b),(c)     5.5000  04/15/29   524,525 
                    
     ENTERTAINMENT CONTENT — 1.6%              
 600,000   Banijay Entertainment S.A.SU(b)     8.1250  05/01/29   620,951 
 449,000   Paramount Global(c),(d)  H15T5Y + 3.999%  6.3750  03/30/62   398,768 
 735,000   Univision Communications, Inc.(b)     6.6250  06/01/27   727,718 
 421,000   Univision Communications, Inc.(b),(c)     7.3750  06/30/30   413,722 
                  2,161,159 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     FOOD — 1.1%              
 400,000   Herbalife Nutrition Ltd. / HLF Financing, Inc.(b)     7.8750  09/01/25  $398,845 
 1,225,000   HLF Financing Sarl, LLC / Herbalife International,(b)     4.8750  06/01/29   958,391 
 209,000   Land O’Lakes Capital Trust I(b)     7.4500  03/15/28   202,759 
                  1,559,995 
     FORESTRY, PAPER & WOOD PRODUCTS — 0.4%              
 686,000   Glatfelter Corporation(b)     4.7500  11/15/29   496,739 
                    
     GAS & WATER UTILITIES — 0.6%              
 615,000   Ferrellgas Escrow, LLC / FG Operating Finance(b)     5.3750  04/01/26   606,426 
 270,000   Ferrellgas Escrow, LLC / FG Operating Finance(b)     5.8750  04/01/29   263,723 
                  870,149 
     HEALTH CARE FACILITIES & SERVICES — 2.9%              
 2,167,000   CHS/Community Health Systems, Inc.(b)     5.6250  03/15/27   2,004,839 
 575,000   DaVita, Inc.(b),(c)     4.6250  06/01/30   509,233 
 433,000   Legacy LifePoint Health, LLC(b),(c)     4.3750  02/15/27   407,812 
 575,000   Molina Healthcare Inc 3.875% 11/15/2030(b)     3.8750  11/15/30   508,650 
 622,000   Select Medical Corporation(b)     6.2500  08/15/26   622,295 
                  4,052,829 
     HOME CONSTRUCTION — 0.4%              
 361,000   Mattamy Group Corporation(b)     5.2500  12/15/27   348,739 
 210,000   Mattamy Group Corporation(b)     4.6250  03/01/30   191,586 
                  540,325 
     HOUSEHOLD PRODUCTS — 0.3%              
 525,000   Edgewell Personal Care Company(b)     4.1250  04/01/29   477,587 
                    
     INSURANCE — 1.1%              
 719,000   Jones Deslauriers Insurance Management, Inc.(b)     8.5000  03/15/30   746,520 
 345,000   NMI Holdings, Inc.(b)     7.3750  06/01/25   348,740 
 450,000   Ryan Specialty Group, LLC(b),(c)     4.3750  02/01/30   417,761 
                  1,513,021 
     INTERNET MEDIA & SERVICES — 0.7%              
 1,154,000   GrubHub Holdings, Inc.(b)     5.5000  07/01/27   1,008,475 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     LEISURE FACILITIES & SERVICES — 9.1%              
 425,000   Brinker International, Inc.(b)     5.0000  10/01/24  $421,929 
 341,000   Caesars Entertainment, Inc.(b)     6.2500  07/01/25   342,872 
 61,000   Caesars Entertainment, Inc.(b)     4.6250  10/15/29   55,737 
 111,000   Caesars Entertainment, Inc.(b)     6.5000  02/15/32   112,385 
 1,297,000   Carnival Corporation(b)     5.7500  03/01/27   1,280,312 
 967,000   Carnival Corporation(b),(c)     6.0000  05/01/29   937,624 
 470,000   Carnival Corporation(b),(c)     10.5000  06/01/30   516,355 
 1,040,000   CEC Entertainment Company, LLC(b)     6.7500  05/01/26   1,034,205 
 600,000   Fertitta Entertainment, LLC / Fertitta(b)     6.7500  01/15/30   540,167 
 188,000   Hilton Grand Vacations Borrower Escrow, LLC /(b)     5.0000  06/01/29   173,873 
 555,000   Hilton Grand Vacations Borrower Escrow, LLC /(b)     4.8750  07/01/31   492,885 
 338,000   Melco Resorts Finance Ltd.(b)     5.7500  07/21/28   316,025 
 729,000   Melco Resorts Finance Ltd.(b),(c)     5.3750  12/04/29   647,579 
 710,000   NCL Corporation Ltd.(b)     3.6250  12/15/24   695,969 
 187,000   NCL Corporation Ltd.(b)     5.8750  03/15/26   182,559 
 1,086,000   NCL Corporation Ltd.(b),(c)     7.7500  02/15/29   1,097,360 
 415,000   Ontario Gaming GTA, L.P.(b),(c)     8.0000  08/01/30   432,897 
 510,000   Raising Cane’s Restaurants, LLC(b)     9.3750  05/01/29   549,346 
 603,000   Royal Caribbean Cruises Ltd.(b)     4.2500  07/01/26   582,300 
 126,000   Royal Caribbean Cruises Ltd.(b)     5.5000  04/01/28   124,490 
 610,000   SeaWorld Parks & Entertainment, Inc.(b),(c)     5.2500  08/15/29   571,067 
 625,000   Studio City Finance Ltd.(b)     5.0000  01/15/29   534,113 
 34,000   Travel + Leisure Company(b)     4.5000  12/01/29   31,052 
 424,000   Wyndham Destinations, Inc.     6.0000  04/01/27   424,390 
 540,000   Wynn Macau Ltd.(b)     5.1250  12/15/29   480,722 
                  12,578,213 
     MEDICAL EQUIPMENT & DEVICES — 0.5%              
 757,000   Mozart Debt Merger Sub, Inc.(b)     3.8750  04/01/29   685,111 
                    
     METALS & MINING — 2.7%              
 575,000   Cleveland-Cliffs, Inc.(b)     4.6250  03/01/29   539,724 
 1,120,000   FMG Resources August 2006 Pty Ltd.(b)     4.3750  04/01/31   1,011,285 
 410,000   Hudbay Minerals, Inc.(b),(c)     6.1250  04/01/29   404,511 
 305,000   Mineral Resources Ltd.(b)     8.1250  05/01/27   308,361 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     METALS & MINING — 2.7% (Continued)              
 219,000   Mineral Resources Ltd.(b)     9.2500  10/01/28  $230,914 
 984,000   Mineral Resources Ltd.(b)     8.5000  05/01/30   1,013,194 
 255,000   Warrior Met Coal, Inc.(b)     7.8750  12/01/28   257,685 
                  3,765,674 
     OIL & GAS PRODUCERS — 13.1%              
 576,000   Antero Midstream Partners, L.P. / Antero Midstream(b)     5.7500  01/15/28   565,997 
 340,000   Antero Resources Corporation(b),(c)     5.3750  03/01/30   324,474 
 235,000   Civitas Resources, Inc.(b)     5.0000  10/15/26   229,080 
 195,000   Civitas Resources, Inc.(b)     8.3750  07/01/28   205,470 
 162,000   Civitas Resources, Inc.(b)     8.6250  11/01/30   173,618 
 445,000   Civitas Resources, Inc.(b)     8.7500  07/01/31   473,820 
 515,000   Comstock Resources, Inc.(b),(c)     6.7500  03/01/29   473,376 
 470,000   Comstock Resources, Inc.(b)     5.8750  01/15/30   408,438 
 234,000   Crescent Energy Finance, LLC(b)     9.2500  02/15/28   243,090 
 100,000   Earthstone Energy Holdings, LLC(b)     8.0000  04/15/27   103,583 
 446,000   Earthstone Energy Holdings, LLC(b)     9.8750  07/15/31   494,253 
 45,000   EQM Midstream Partners, L.P.(b)     7.5000  06/01/27   46,337 
 80,000   EQM Midstream Partners, L.P.     5.5000  07/15/28   79,310 
 222,000   EQM Midstream Partners, L.P.(b)     7.5000  06/01/30   238,008 
 54,000   Genesis Energy, L.P. / Genesis Energy Finance     6.2500  05/15/26   53,794 
 402,000   Genesis Energy, L.P. / Genesis Energy Finance     8.0000  01/15/27   406,990 
 300,000   Genesis Energy, L.P. / Genesis Energy Finance     8.2500  01/15/29   308,636 
 674,000   Genesis Energy, L.P. / Genesis Energy Finance     8.8750  04/15/30   705,623 
 977,000   Harvest Midstream I, L.P.(b)     7.5000  09/01/28   987,591 
 630,000   HF Sinclair Corporation(b)     5.0000  02/01/28   611,589 
 1,034,000   Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)     5.7500  02/01/29   999,876 
 290,000   Hilcorp Energy I, L.P. / Hilcorp Finance Company(b)     6.0000  02/01/31   279,572 
 904,000   Howard Midstream Energy Partners, LLC(b)     6.7500  01/15/27   900,845 
 282,000   Howard Midstream Energy Partners, LLC(b)     8.8750  07/15/28   296,376 
 769,000   Independence Energy Finance, LLC(b)     7.2500  05/01/26   766,655 
 1,510,000   ITT Holdings, LLC(b)     6.5000  08/01/29   1,322,277 
 219,000   Laredo Petroleum, Inc.     10.1250  01/15/28   229,546 
 610,000   Murphy Oil USA, Inc.     4.7500  09/15/29   578,323 
 575,000   NGL Energy Operating, LLC / NGL Energy Finance(b)     7.5000  02/01/26   586,283 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     OIL & GAS PRODUCERS — 13.1% (Continued)              
 114,000   NGL Energy Partners, L.P.(b)     8.1250  02/15/29  $114,688 
 362,000   NGL Energy Partners, L.P.(b)     8.3750  02/15/32   365,018 
 425,000   NGL Energy Partners, L.P. / NGL Energy Finance     6.1250  03/01/25   424,896 
 152,000   NuStar Logistics, L.P.     5.7500  10/01/25   151,735 
 379,000   NuStar Logistics, L.P.(c)     6.3750  10/01/30   382,032 
 34,000   Rockcliff Energy II, LLC(b)     5.5000  10/15/29   31,624 
 335,000   Southwestern Energy Company     5.3750  03/15/30   324,262 
 1,104,000   Strathcona Resources Ltd.(b),(c)     6.8750  08/01/26   1,094,555 
 105,000   Talos Production, Inc.(b)     9.0000  02/01/29   106,501 
 388,000   Talos Production, Inc.(b)     9.3750  02/01/31   397,177 
 831,000   Venture Global Calcasieu Pass, LLC(b)     3.8750  08/15/29   747,293 
 820,000   Vital Energy, Inc.     9.7500  10/15/30   872,415 
                  18,105,026 
     OIL & GAS SERVICES & EQUIPMENT — 1.6%              
 491,000   Archrock Partners, L.P. / Archrock Partners(b)     6.8750  04/01/27   492,628 
 121,000   Kodiak Gas Services, LLC(b)     7.2500  02/15/29   122,449 
 48,000   Nabors Industries Ltd.(b)     7.5000  01/15/28   43,974 
 759,000   Nabors Industries, Inc.(b)     7.3750  05/15/27   746,371 
 125,000   Nabors Industries, Inc.(b)     9.1250  01/31/30   127,644 
 660,000   Valaris Ltd.(b)     8.3750  04/30/30   675,062 
                  2,208,128 
     PUBLISHING & BROADCASTING — 0.4%              
 577,000   Belo Corporation     7.7500  06/01/27   592,960 
                    
     REAL ESTATE INVESTMENT TRUSTS — 1.5%              
 905,000   HAT Holdings I, LLC / HAT Holdings II, LLC(b),(c)     3.3750  06/15/26   845,400 
 335,000   HAT Holdings I, LLC / HAT Holdings II, LLC(b)     8.0000  06/15/27   346,896 
 450,000   Service Properties Trust     4.7500  10/01/26   417,984 
 125,000   Service Properties Trust     5.5000  12/15/27   117,681 
 385,000   Service Properties Trust     4.9500  10/01/29   320,381 
                  2,048,342 
     REAL ESTATE OWNERS & DEVELOPERS — 1.1%              
 363,000   Greystar Real Estate Partners, LLC(b)     7.7500  09/01/30   381,818 
 928,000   Kennedy-Wilson, Inc.(c)     4.7500  03/01/29   777,706 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     REAL ESTATE OWNERS & DEVELOPERS — 1.1% (Continued)              
 419,000   Kennedy-Wilson, Inc.(c)     4.7500  02/01/30  $340,647 
                  1,500,171 
     REAL ESTATE SERVICES — 0.6%              
 844,000   Cushman & Wakefield US Borrower, LLC(b)     6.7500  05/15/28   834,851 
 61,000   Cushman & Wakefield US Borrower, LLC(b)     8.8750  09/01/31   63,941 
                  898,792 
     RENEWABLE ENERGY — 1.0%              
 808,000   Atlantica Sustainable Infrastructure plc(b),(c)     4.1250  06/15/28   748,839 
 554,000   EnerSys(b)     4.3750  12/15/27   522,662 
 95,000   EnerSys(b)     6.6250  01/15/32   96,377 
                  1,367,878 
     RETAIL - CONSUMER STAPLES — 0.7%              
 440,000   Albertsons Companies Inc / Safeway Inc / New(b)     4.6250  01/15/27   427,811 
 506,000   Albertsons Companies Inc / Safeway Inc / New(b)     5.8750  02/15/28   505,332 
                  933,143 
     RETAIL - DISCRETIONARY — 3.4%              
 575,000   Avis Budget Car Rental, LLC / Avis Budget Finance,(b)     5.3750  03/01/29   533,612 
 620,000   Hertz Corporation (The)(b),(c)     4.6250  12/01/26   558,970 
 567,000   Ken Garff Automotive, LLC(b),(c)     4.8750  09/15/28   526,610 
 820,000   Kohl’s Corporation     4.6250  05/01/31   656,894 
 1,062,000   LBM Acquisition, LLC(b)     6.2500  01/15/29   966,387 
 364,000   Metis Merger Sub, LLC(b)     6.5000  05/15/29   335,166 
 814,000   Park River Holdings, Inc.(b),(c)     6.7500  08/01/29   683,781 
 425,000   Specialty Building Products Holdings, LLC / SBP(b)     6.3750  09/30/26   418,204 
                  4,679,624 
     SEMICONDUCTORS — 0.4%              
 520,000   Entegris Escrow Corporation(b),(c)     5.9500  06/15/30   514,061 
                    
     SOFTWARE — 3.0%              
 740,000   Capstone Borrower, Inc.(b)     8.0000  06/15/30   768,444 
 485,000   Central Parent, Inc. / Central Merger Sub, Inc.(b)     7.2500  06/15/29   494,560 
 189,000   Central Parent, LLC / CDK Global II, LLC / CDK(b)     8.0000  06/15/29   195,731 
 1,050,000   Condor Merger Sub, Inc.(b)     7.3750  02/15/30   951,577 
 600,000   Helios Software Holdings, Inc. / ION Corporate(b)     4.6250  05/01/28   546,652 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     SOFTWARE — 3.0% (Continued)              
 164,000   NortonLifeLock, Inc.(b)     6.7500  09/30/27  $166,624 
 231,000   NortonLifeLock, Inc.(b),(c)     7.1250  09/30/30   239,837 
 34,000   Open Text Corporation(b)     3.8750  02/15/28   31,632 
 436,000   Open Text Corporation(b),(c)     3.8750  12/01/29   393,627 
 1,056,000   Rackspace Technology Global, Inc.(b)     3.5000  02/15/28   414,573 
                  4,203,257 
     SPECIALTY FINANCE — 7.3%              
 455,000   AerCap Global Aviation Trust(b),(d)  US0003M + 4.300%  6.5000  06/15/45   454,725 
 675,000   Ally Financial, Inc.(c)     6.7000  02/14/33   676,517 
 845,000   Apollo Commercial Real Estate Finance, Inc.(b)     4.6250  06/15/29   708,540 
 420,000   Avolon Holdings Funding Ltd.(b)     6.3750  05/04/28   429,600 
 127,000   Bread Financial Holdings, Inc.(b),(c)     7.0000  01/15/26   127,760 
 750,000   Bread Financial Holdings, Inc.(b)     9.7500  03/15/29   749,579 
 660,000   Burford Capital Global Finance, LLC(b)     6.2500  04/15/28   638,181 
 1,194,000   Cobra AcquisitionCo, LLC(b)     6.3750  11/01/29   971,617 
 650,000   Credit Acceptance Corporation(b)     9.2500  12/15/28   684,938 
 505,000   Curo Group Holdings Corporation(b)     7.5000  08/01/28   124,004 
 430,000   Enova International, Inc.(b)     8.5000  09/15/25   425,494 
 285,000   Enova International, Inc.(b),(c)     11.2500  12/15/28   298,288 
 512,000   FirstCash, Inc.(b)     4.6250  09/01/28   478,651 
 202,000   FirstCash, Inc.(b)     5.6250  01/01/30   192,713 
 465,000   Genworth Mortgage Holdings, Inc.(b)     6.5000  08/15/25   464,349 
 209,000   goeasy Ltd.(b)     4.3750  05/01/26   199,812 
 440,000   goeasy Ltd.(b)     9.2500  12/01/28   467,956 
 564,000   Ladder Capital Finance Holdings LLLP / Ladder(b)     4.2500  02/01/27   522,802 
 539,000   LFS Topco, LLC(b)     5.8750  10/15/26   496,057 
 387,000   OneMain Finance Corporation(c)     5.3750  11/15/29   358,449 
 690,000   Pattern Energy Operations, L.P. / Pattern Energy(b)     4.5000  08/15/28   643,376 
 9,000   Starwood Property Trust, Inc.(b)     3.6250  07/15/26   8,335 
                  10,121,743 
     STEEL — 0.7%              
 433,000   Allegheny Technologies, Inc.     4.8750  10/01/29   400,566 
 95,000   Cleveland-Cliffs, Inc.     6.2500  10/01/40   83,774 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     STEEL — 0.7% (Continued)              
 477,000   Commercial Metals Company     3.8750  02/15/31  $422,936 
                  907,276 
     TECHNOLOGY HARDWARE — 2.2%              
 725,000   Imola Merger Corporation(b),(c)     4.7500  05/15/29   673,499 
 314,000   NCR Atleos Escrow Corporation(b)     9.5000  04/01/29   337,085 
 295,000   NCR Corporation(b),(c)     5.1250  04/15/29   277,920 
 350,000   Seagate HDD Cayman     4.0910  06/01/29   323,180 
 605,000   TTM Technologies, Inc.(b),(c)     4.0000  03/01/29   545,922 
 1,237,000   Viasat, Inc.(b)     7.5000  05/30/31   929,297 
                  3,086,903 
     TECHNOLOGY SERVICES — 2.2%              
 418,000   Acuris Finance US, Inc. / Acuris Finance S.A.RL(b)     5.0000  05/01/28   365,721 
 955,000   Ahead DB Holdings, LLC(b)     6.6250  05/01/28   840,447 
 210,000   GTCR W-2 Merger Sub, LLC(b)     7.5000  01/15/31   220,389 
 880,000   ION Trading Technologies Sarl(b)     5.7500  05/15/28   807,065 
 485,000   Mobius Merger Sub, Inc.(b)     9.0000  06/01/30   479,549 
 470,000   MPH Acquisition Holdings, LLC(b)     5.7500  11/01/28   374,395 
                  3,087,566 
     TELECOMMUNICATIONS — 3.8%              
 770,000   Altice France Holding S.A.(b)     10.5000  05/15/27   443,339 
 2,085,000   Altice France S.A.(b)     5.5000  10/15/29   1,540,212 
 925,000   C&W Senior Financing DAC(b)     6.8750  09/15/27   877,441 
 625,000   Cogent Communications Group, Inc.(b)     7.0000  06/15/27   627,463 
 652,000   Connect Finco S.A.RL / Connect US Finco, LLC(b)     6.7500  10/01/26   640,199 
 690,000   Iliad Holding S.A.SU(b),(c)     7.0000  10/15/28   684,436 
 760,000   Telesat Canada / Telesat, LLC(b)     4.8750  06/01/27   451,087 
                  5,264,177 
     TRANSPORTATION & LOGISTICS — 3.3%              
 425,000   Air Canada(b)     3.8750  08/15/26   404,686 
 725,000   American Airlines, Inc.(b),(c)     7.2500  02/15/28   737,568 
 510,000   American Airlines, Inc.(b)     8.5000  05/15/29   540,856 
 970,000   Cargo Aircraft Management, Inc.(b),(c)     4.7500  02/01/28   888,801 
 1,087,419   Hawaiian Brand Intellectual Property Ltd. /(b),(c)     5.7500  01/20/26   1,017,797 

 

 

DUNHAM HIGH YIELD BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 92.5% (Continued)              
     TRANSPORTATION & LOGISTICS — 3.3% (Continued)              
 271,000   United Airlines, Inc.(b)     4.3750  04/15/26  $261,969 
 835,000   United Airlines, Inc.(b)     4.6250  04/15/29   774,052 
                 $4,625,729 
     WHOLESALE - CONSUMER STAPLES — 1.5%              
 1,683,000   C&S Group Enterprises, LLC(b)     5.0000  12/15/28   1,368,296 
 285,000   Performance Food Group, Inc.(b)     5.5000  10/15/27   280,020 
 435,000   Performance Food Group, Inc.(b)     4.2500  08/01/29   399,096 
                  2,047,412 
     TOTAL CORPORATE BONDS (Cost $130,829,975)            128,451,090 
                    
Shares               Fair Value 
     SHORT-TERM INVESTMENTS — 21.1%              
     COLLATERAL FOR SECURITIES LOANED - 16.5%              
 22,907,831   Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(e)(f)            22,907,831 
                    
     MONEY MARKET FUND - 4.6%              
 6,451,437   First American Government Obligations Fund, Class Z, 5.21%(e)            6,451,437 
                    
     TOTAL SHORT-TERM INVESTMENTS (Cost $29,359,268)            29,359,268 
                    
     TOTAL INVESTMENTS - 115.5% (Cost $161,386,176)           $160,496,258 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (15.5)%            (21,573,265)
     NET ASSETS - 100.0%           $138,922,993 

 

LLC - Limited Liability Company
   
LP - Limited Partnership
   
LTD - Limited Company
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
S/A - Société Anonyme
   
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
   
US0003M ICE LIBOR USD 3 Month

 

(a) Non-income producing security.
   
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is 113,112,992 or 81.4% of net assets.
   
(c) All or a portion of these securities are on loan. Total loaned securities had a value of $22,431,680 at January 31, 2024.
   
(d) Variable rate security; the rate shown represents the rate on January 31, 2024.
   
(e) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(f) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to- market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%
   
(g) Level 3 securities fair value under procedures established by the Board of Trustees, represents 2.0% of net assets. The total value of this security is $2,685,900.

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     ASSET BACKED SECURITIES — 0.1%              
     RESIDENTIAL MORTGAGE — 0.1%              
 31,117 EUR   Bankinter FTA Series 10 A2(c)  EUR003M + 0.160%  4.0830  06/21/43  $33,589 
 11,534 EUR   Fondo de Titulizacion de Activos Santander Series 2 A(c)  EUR003M + 0.150%  4.0440  01/18/49   12,269 
                  45,858 
     TOTAL ASSET BACKED SECURITIES (Cost $45,395)            45,858 
                    
                    
     CORPORATE BONDS — 67.1%              
     ASSET MANAGEMENT — 0.9%              
 200,000 USD   Huarong Finance II Company Ltd.     4.8750  11/22/26   191,374 
 300,000 EUR   JAB Holdings BV     1.0000  12/20/27   297,873 
 5,000 USD   MDGH GMTN RSC Ltd.(b)     5.8750  05/01/34   5,356 
                  494,603 
     AUTOMOTIVE — 3.0%              
 300,000 EUR   Daimler A.G.     0.7500  02/08/30   285,686 
 210,000 EUR   Grupo Antolin-Irausa S.A.     3.3750  04/30/26   209,675 
 120,000 EUR   Grupo Antolin-Irausa S.A.     3.5000  04/30/28   104,907 
 200,000 USD   Hyundai Capital America(b)     3.0000  02/10/27   189,108 
 100,000 USD   Hyundai Capital America(b)     6.5000  01/16/29   106,287 
 176,000 USD   Iochpe-Maxion Austria GmbH / Maxion Wheels de(b)     5.0000  05/07/28   158,262 
 225,000 USD   Nissan Motor Acceptance Company, LLC(b)     7.0500  09/15/28   236,662 
 169,000 USD   Uzauto Motors AJ(b)     4.8500  05/04/26   152,083 
 200,000 EUR   Volkswagen International Finance N.V.     1.8750  03/30/27   207,122 
 100,000 EUR   ZF Finance GmbH     3.7500  09/21/28   103,473 
                  1,753,265 
     BANKING — 8.4%              
 182,000 USD   Access Bank plc(b)     6.1250  09/21/26   167,877 
 250,000 EUR   AIB Group PLC     2.2500  07/03/25   265,683 
 300,000 EUR   Banco Bilbao Vizcaya Argentaria S.A.     3.5000  02/10/27   324,363 
 92,000 USD   Banco Davivienda S.A.(b),(c)  H15T10Y + 5.097%  6.6500  04/22/71   64,878 
 139,000 USD   Banco Davivienda S.A.(c)  H15T10Y + 5.097%  6.6500  04/22/71   98,023 
 622,000 USD   Banco Mercantil del Norte S.A.(b),(c)  H15T5Y + 4.967%  6.7500  09/27/68   618,979 
 167,000 USD   Banco Mercantil del Norte S.A.(b),(c)  H15T5Y + 4.643%  5.8750  11/24/71   156,053 
 200,000 USD   Banco Santander S.A.(c)  H15T1Y + 2.000%  4.1750  03/24/28   192,674 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 67.1% (Continued)              
     BANKING — 8.4% (Continued)              
 350,000 USD   Barclays plc     5.0880  06/20/30  $336,879 
 354,000 USD   BBVA Bancomer S.A.(b),(c)  H15T5Y + 2.650%  5.1250  01/18/33   323,782 
 250,000 USD   BPCE S.A.(b),(c)  SOFRRATE + 2.100%  5.9750  01/18/27   252,298 
 250,000 USD   Canadian Imperial Bank of Commerce     6.0920  10/03/33   265,424 
 225,000 EUR   Cooperatieve Rabobank UA     1.3750  02/03/27   231,725 
 250,000 USD   Danske Bank A/S(b),(c)  H15T1Y + 1.350%  1.6210  09/11/26   234,899 
 100,000 USD   HSBC Holdings PLC(c)  SOFRRATE + 1.290%  1.5890  05/24/27   92,020 
 240,000 USD   HSBC Holdings PLC(c)  SOFRRATE + 1.187%  2.8040  05/24/32   201,618 
 250,000 EUR   Natwest Group PLC     1.7500  03/02/26   263,807 
 300,000 USD   Societe Generale S.A.(b),(c)  H15T1Y + 1.300%  2.8890  06/09/32   247,239 
 150,000 USD   Standard Chartered PLC(b),(c)  H15T1Y + 2.580%  6.2960  07/06/34   157,033 
 150,000 USD   Standard Chartered PLC(b),(c)  H15T5Y + 2.300%  3.2650  02/18/36   125,141 
 159,000 USD   Yapi ve Kredi Bankasi A/S(b)     9.2500  10/16/28   167,872 
 95,000 USD   Yapi ve Kredi Bankasi A/S(b),(c)  H15T5Y + 5.278%  9.2500  01/17/34   95,594 
                  4,883,861 
     BEVERAGES — 1.6%              
 375,000 EUR   Anheuser-Busch InBev S.A./NV     1.1500  01/22/27   385,421 
 200,000 USD   Bacardi Ltd. / Bacardi-Martini BV(b)     5.2500  01/15/29   200,781 
 250,000 EUR   Diageo Capital BV     1.5000  06/08/29   250,345 
 110,000 EUR   Primo Water Holdings, Inc.     3.8750  10/31/28   115,080 
                  951,627 
     BIOTECH & PHARMA — 2.9%              
 300,000 EUR   Bayer A.G.     1.3750  07/06/32   262,017 
 250,000 GBP   GlaxoSmithKline Capital PLC     1.2500  10/12/28   279,107 
 210,000 EUR   Grifols S.A.     3.2000  05/01/25   216,814 
 100,000 EUR   Grifols S.A.     2.2500  11/15/27   98,732 
 300,000 EUR   Mylan N.V.     3.1250  11/22/28   315,831 
 300,000 USD   Royalty Pharma plc     3.3000  09/02/40   225,785 
 245,000 EUR   Teva Pharmaceutical Finance Netherlands II BV     7.8750  09/15/31   300,458 
                  1,698,744 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 67.1% (Continued)              
     CABLE & SATELLITE — 0.5%              
 300,000 EUR   United Group BV     3.1250  02/15/26  $313,191 
                    
     CHEMICALS — 2.3%              
 191,000 USD   Braskem Netherlands Finance BV(b)     4.5000  01/10/28   165,802 
 100,000 EUR   INEOS Quattro Finance 1 PLC     3.7500  07/15/26   104,246 
 190,000 EUR   INEOS Quattro Finance 1 PLC(b)     3.7500  07/15/26   198,068 
 200,000 EUR   Nobian Finance BV(b)     3.6250  07/15/26   207,819 
 100,000 EUR   Nobian Finance BV     3.6250  07/15/26   103,909 
 169,000 USD   OCP S.A.(b)     5.1250  06/23/51   122,574 
 312,000 USD   Sasol Financing USA, LLC     4.3750  09/18/26   291,935 
 150,000 EUR   Synthomer PLC     3.8750  07/01/25   159,619 
                  1,353,972 
     CONSTRUCTION MATERIALS — 0.8%              
 123,000 USD   Cemex S.A.B. de C.V.(b),(c)  H15T5Y + 5.157%  9.1250  03/14/28   131,124 
 363,000 USD   Cemex S.A.B. de C.V.(b),(c),(d)  H15T5Y + 4.534%  5.1250  09/08/69   346,075 
                  477,199 
     CONTAINERS & PACKAGING — 1.0%              
 200,000 EUR   Ardagh Metal Packaging Finance USA, LLC / Ardagh     3.0000  09/01/29   169,825 
 200,000 GBP   Ardagh Packaging Finance plc / Ardagh Holdings     4.7500  07/15/27   189,510 
 200,000 EUR   Trivium Packaging Finance BV     3.7500  08/15/26   210,508 
                  569,843 
     ELEC & GAS MARKETING & TRADING — 0.6%              
 350,000 EUR   Orsted A/S     1.5000  11/26/29   342,539 
                    
     ELECTRIC UTILITIES — 6.7%              
 400,000 USD   Adani Green Energy Ltd.     4.3750  09/08/24   391,266 
 106,903 USD   Adani Renewable Energy RJ Ltd./Kodangal Solar(b)     4.6250  10/15/39   87,119 
 144,000 USD   Adani Transmission Step-One Ltd.(b)     4.0000  08/03/26   135,451 
 92,700 USD   Clean Renewable Power Mauritius Pte Ltd.(b)     4.2500  03/25/27   86,175 
 27,000 USD   Comision Federal de Electricidad     3.8750  07/26/33   21,901 
 250,000 USD   Electricite de France S.A.(b)     4.5000  09/21/28   246,154 
 250,000 USD   Enel Finance International N.V.(b)     5.5000  06/15/52   238,027 
 285,000 USD   Eskom Holdings SOC Ltd.(b)     7.1250  02/11/25   284,159 
 97,000 USD   Eskom Holdings SOC Ltd.(b)     8.4500  08/10/28   97,186 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 67.1% (Continued)              
     ELECTRIC UTILITIES — 6.7% (Continued)              
 292,300 USD   Greenko Dutch BV(b)     3.8500  03/29/26  $275,858 
 200,000 EUR   Iberdrola Finanzas S.A.     1.0000  03/07/25   210,405 
 250,000 EUR   innogy Finance BV     1.0000  04/13/25   262,422 
 126,385 USD   JSW Hydro Energy Ltd.     4.1250  05/18/31   110,680 
 210,000 USD   Minejesa Capital BV(b)     4.6250  08/10/30   200,025 
 7,000 USD   Minejesa Capital BV(b)     5.6250  08/10/37   6,078 
 368,916 USD   Mong Duong Finance Holdings BV(b)     5.1250  05/07/29   346,558 
 110,000 USD   MSU Energy S.A. / UGEN S.A. / UENSA S.A.(b)     6.8750  02/01/25   90,824 
 500,000 EUR   National Grid PLC     0.1630  01/20/28   477,948 
 300,000 EUR   Naturgy Finance BV     1.5000  01/29/28   304,921 
 8,000 USD   Perusahaan Perseroan Persero PT Perusahaan Listrik     3.3750  02/05/30   7,209 
 33,000 USD   Star Energy Geothermal Darajat II / Star Energy(b)     4.8500  10/14/38   30,330 
                  3,910,696 
     ELECTRICAL EQUIPMENT — 1.2%              
 300,000 GBP   Siemens Financieringsmaatschappij N.V.     1.0000  02/20/25   364,919 
 108,900 EUR   TK Elevator Holdco GmbH     6.6250  07/15/28   113,422 
 200,000 EUR   Vertical Midco GmbH     4.3750  07/15/27   211,021 
                  689,362 
     ENGINEERING & CONSTRUCTION — 0.9%              
 356,000 USD   ATP Tower Holdings, LLC / Andean Tower Partners(b)     4.0500  04/27/26   325,567 
 193,000 USD   IHS Holding Ltd.(b)     6.2500  11/29/28   163,486 
 14,000 USD   IHS Netherlands Holdco BV(b)     8.0000  09/18/27   12,939 
                  501,992 
     ENTERTAINMENT CONTENT — 1.0%              
 185,000 EUR   Banijay Group S.A.S     6.5000  03/01/26   202,246 
 320,000 GBP   Pinewood Finance Company Ltd.     3.2500  09/30/25   397,438 
                  599,684 
     FOOD — 0.8%              
 350,000 USD   Bimbo Bakeries USA, Inc.(b)     6.0500  01/15/29   365,288 
 96,000 USD   Minerva Luxembourg S.A.(b)     4.3750  03/18/31   79,355 
                  444,643 
     HEALTH CARE FACILITIES & SERVICES — 0.4%              
 250,000 EUR   Catalent Pharma Solutions, Inc.     2.3750  03/01/28   241,135 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 67.1% (Continued)              
     HOUSEHOLD PRODUCTS — 1.0%              
 100,000 EUR   Energizer Gamma Acquisition BV(b)     3.5000  06/30/29  $96,129 
 210,000 EUR   Energizer Gamma Acquisition BV     3.5000  06/30/29   201,871 
 300,000 EUR   Unilever Finance Netherlands BV     1.7500  03/25/30   303,691 
                  601,691 
     INDUSTRIAL INTERMEDIATE PROD — 0.6%              
 376,000 USD   HTA Group Ltd./Mauritius(b)     7.0000  12/18/25   372,380 
                    
     INDUSTRIAL SUPPORT SERVICES — 0.7%              
 97,323 EUR   Loxam S.A.S     6.0000  04/15/25   105,636 
 210,000 EUR   Loxam S.A.S     3.7500  07/15/26   224,816 
 87,920 EUR   Techem Verwaltungsgesellschaft 674 mbH     6.0000  07/30/26   95,094 
                  425,546 
     INSTITUTIONAL FINANCIAL SERVICES — 0.5%              
 150,000 USD   Nomura Holdings, Inc.     1.6530  07/14/26   137,848 
 175,000 USD   Nomura Holdings, Inc.     2.1720  07/14/28   153,965 
                  291,813 
     INSURANCE — 0.9%              
 200,000 EUR   Allianz S.E.     3.0990  07/06/47   211,869 
 25,000 USD   Nippon Life Insurance Company(b),(c)  H15T5Y + 2.954%  6.2500  09/13/53   26,072 
 250,000 EUR   NN Group N.V.     1.6250  06/01/27   258,929 
                  496,870 
     INTERNET MEDIA & SERVICES — 0.6%              
 210,000 USD   Prosus N.V.(b)     3.0610  07/13/31   170,882 
 200,000 USD   Prosus N.V.     3.0610  07/13/31   162,744 
                  333,626 
     LEISURE FACILITIES & SERVICES — 3.1%              
 300,000 EUR   Accor S.A.     7.2500  10/11/73   354,511 
 215,000 EUR   Carnival Corporation     7.6250  03/01/26   236,823 
 228,000 GBP   CPUK Finance Ltd.     4.8750  08/28/25   282,365 
 133,000 USD   Melco Resorts Finance Ltd.(d)     5.7500  07/21/28   124,353 
 123,000 USD   Sands China Ltd.     5.9000  08/08/28   120,973 
 10,000 USD   Sands China Ltd.     4.8750  06/18/30   9,153 
 333,000 USD   Sands China Ltd.     3.7500  08/08/31   277,050 
 140,000 GBP   Stonegate Pub Company Financing 2019 PLC(b)     8.2500  07/31/25   172,025 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 67.1% (Continued)              
     LEISURE FACILITIES & SERVICES — 3.1% (Continued)              
 73,000 USD   Studio City Finance Ltd.(b)     6.0000  07/15/25  $72,047 
 184,000 USD   Studio City Finance Ltd.(b)     5.0000  01/15/29   157,243 
                  1,806,543 
     MEDICAL EQUIPMENT & DEVICES — 0.5%              
 300,000 EUR   Medtronic Global Holdings SCA     0.7500  10/15/32   266,158 
                    
     METALS & MINING — 1.8%              
 125,000 USD   Anglo American Capital plc(b)     2.8750  03/17/31   106,298 
 6,000 USD   Corp Nacional del Cobre de Chile(b)     5.9500  01/08/34   6,010 
 4,000 USD   Corp Nacional del Cobre de Chile(b)     6.4400  01/26/36   4,087 
 85,000 USD   Freeport Indonesia PT     5.3150  04/14/32   82,851 
 7,000 USD   Freeport Indonesia PT(b)     6.2000  04/14/52   6,773 
 300,000 EUR   Glencore Capital Finance DAC     1.1250  03/10/28   295,689 
 20,000 USD   Indika Energy Capital IV Pte Ltd.(b)     8.2500  10/22/25   20,056 
 75,000 USD   Indika Energy Capital IV Pte Ltd.     8.2500  10/22/25   75,212 
 26,000 USD   Indonesia Asahan Aluminium Persero PT(b)     5.8000  05/15/50   24,448 
 240,000 USD   Samarco Mineracao S.A.(b)     9.0490  06/30/31   200,173 
 200,000 USD   Vedanta Resources Finance II plc     13.8750  12/09/28   173,733 
 84,000 USD   WE Soda Investments Holding plc(b)     9.5000  10/06/28   86,022 
                  1,081,352 
     OIL & GAS PRODUCERS — 10.2%              
 328,000 USD   3R Lux S.A.RL(b)     9.7500  02/05/31   327,426 
 59,000 USD   Abu Dhabi Crude Oil Pipeline, LLC(b)     3.6500  11/02/29   55,489 
 78,000 USD   AI Candelaria Spain S.A.(b)     5.7500  06/15/33   60,338 
 631,000 USD   AI Candelaria Spain S.A.     5.7500  06/15/33   488,117 
 37,950 USD   AI Candelaria Spain SLU(b)     7.5000  12/15/28   36,156 
 350,000 USD   Ecopetrol S.A.     5.8750  05/28/45   260,977 
 242,000 USD   Energean Israel Finance Ltd.     4.8750  03/30/26   223,584 
 250,000 EUR   Exxon Mobil Corporation     0.5240  06/26/28   243,502 
 271,000 USD   Geopark Ltd.(b)     5.5000  01/17/27   241,786 
 240,000 USD   Gran Tierra Energy, Inc.(b),(d)     9.5000  10/15/29   212,582 
 200,000 USD   KazMunayGas National Company JSC     3.5000  04/14/33   164,430 
 54,000 USD   KazMunayGas National Company JSC(b)     5.7500  04/19/47   47,101 
 2,000 USD   KazMunayGas National Company JSC(b)     6.3750  10/24/48   1,850 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 67.1% (Continued)              
     OIL & GAS PRODUCERS — 10.2% (Continued)              
 486,000 USD   Kosmos Energy Ltd.     7.7500  05/01/27  $459,664 
 89,000 USD   Leviathan Bond Ltd.     6.1250  06/30/25   86,157 
 56,000 USD   Leviathan Bond Ltd.     6.5000  06/30/27   52,332 
 313,748 USD   MC Brazil Downstream Trading S.A.RL     7.2500  06/30/31   241,412 
 150,000 USD   Medco Maple Tree Pte Ltd.(b)     8.9600  04/27/29   154,031 
 1,015,000 USD   PDVSA(e)     9.0000  11/17/21   117,809 
 76,000 USD   Petroleos del Peru S.A.     4.7500  06/19/32   56,124 
 161,000 USD   Petroleos Mexicanos     8.7500  06/02/29   155,621 
 73,000 USD   Petroleos Mexicanos     5.9500  01/28/31   57,666 
 13,000 USD   Petroleos Mexicanos     6.6250  06/15/38   9,010 
 194,000 USD   Petroleos Mexicanos     6.7500  09/21/47   124,775 
 347,000 USD   Petroleos Mexicanos     6.9500  01/28/60   222,742 
 753,000 USD   SierraCol Energy Andina, LLC(b),(d)     6.0000  06/15/28   635,353 
 673,000 USD   Tullow Oil PLC(b)     7.0000  03/01/25   634,861 
 267,000 USD   YPF S.A.(b)     8.5000  07/28/25   257,830 
 334,000 USD   YPF S.A.(b),(d)     9.5000  01/17/31   333,995 
                  5,962,720 
     OIL & GAS SERVICES & EQUIPMENT — 2.0%              
 244,185 USD   Guara Norte Sarl(b)     5.1980  06/15/34   223,277 
 450,755 USD   MV24 Capital BV(b)     6.7480  06/01/34   423,588 
 590,783 USD   Poinsettia Finance Ltd.(d)     6.6250  06/17/31   496,742 
                  1,143,607 
     PUBLISHING & BROADCASTING — 0.8%              
 200,000 EUR   Bertelsmann S.E. & Company KGaA     3.5000  05/29/29   218,070 
 250,000 EUR   Informa PLC     2.1250  10/06/25   263,325 
                  481,395 
     REAL ESTATE OWNERS & DEVELOPERS — 1.8%              
 700,000 USD   China SCE Group Holdings Ltd.(e)     7.0000  05/02/25   46,375 
 200,000 USD   Country Garden Holdings Company Ltd.     4.8000  08/06/30   16,250 
 400,000 USD   Longfor Group Holdings Ltd.     3.9500  09/16/29   179,000 
 330,000 USD   MAF Global Securities Ltd.(c)  H15T5Y + 3.539%  6.3750  09/20/70   326,082 
 300,000 USD   Theta Capital Pte Ltd.     8.1250  01/22/25   289,500 
 250,000 USD   Theta Capital Pte Ltd.     6.7500  10/31/26   221,250 
                  1,078,457 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 67.1% (Continued)              
     REIT — 0.4%              
 200,000 EUR   Unibail-Rodamco-Westfield S.E.     2.5000  02/26/24  $215,871 
                    
     RENEWABLE ENERGY — 0.9%              
 439,000 USD   Aydem Yenilenebilir Enerji A/S(b),(d)     7.7500  02/02/27   414,149 
 102,000 USD   Investment Energy Resources Ltd.(b)     6.2500  04/26/29   97,089 
                  511,238 
     RETAIL - CONSUMER STAPLES — 0.4%              
 100,000 GBP   Bellis Acquisition Company PLC(b)     3.2500  02/16/26   120,240 
 100,000 GBP   Bellis Finco PLC(b)     4.0000  02/16/27   116,230 
                  236,470 
     RETAIL - DISCRETIONARY — 0.2%              
 120,000 EUR   Avis Budget Finance PLC     4.7500  01/30/26   129,963 
                    
     SPECIALTY FINANCE — 0.6%              
 390,000 USD   AerCap Ireland Capital DAC / AerCap Global     3.3000  01/30/32   334,458 
                    
     STEEL — 1.3%              
 163,000 USD   JSW Steel Ltd.     3.9500  04/05/27   152,260 
 870,000 USD   Metinvest BV(b)     7.7500  10/17/29   584,765 
                  737,025 
     TECHNOLOGY HARDWARE — 0.4%              
 250,000 USD   Flex Ltd.     4.8750  06/15/29   246,843 
                    
     TECHNOLOGY SERVICES — 0.5%              
 338,000 USD   Sixsigma Networks Mexico S.A. de CV(b)     7.5000  05/02/25   318,464 
                    
     TELECOMMUNICATIONS — 3.2%              
 100,000 EUR   Altice France Holding S.A.(b)     8.0000  05/15/27   57,572 
 100,000 EUR   Altice France S.A.(b)     2.1250  02/15/25   102,546 
 100,000 EUR   Altice France S.A.     2.1250  02/15/25   102,546 
 100,000 EUR   Altice France S.A.     5.8750  02/01/27   92,841 
 192,000 USD   Digicel International Finance Ltd./Digicel(b),(d)     8.7500  05/25/24   182,351 
 16,000 USD   Millicom International Cellular S.A.(b)     4.5000  04/27/31   13,492 
 160,000 USD   Network i2i Ltd.(c)  H15T5Y + 4.274%  5.6500  04/15/71   158,600 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 67.1% (Continued)              
     TELECOMMUNICATIONS — 3.2% (Continued)              
 300,000 EUR   Orange S.A.     2.0000  01/15/29  $310,684 
 210,000 EUR   SoftBank Group Corporation     2.8750  01/06/27   214,623 
 200,000 EUR   Telefonica Emisiones S.A.     2.5920  05/25/31   208,176 
 250,000 USD   VF Ukraine PAT via VFU Funding plc(b)     6.2000  02/11/25   201,797 
 220,000 GBP   Vmed O2 UK Financing I PLC     4.0000  01/31/29   248,843 
                  1,894,071 
     TOBACCO & CANNABIS — 0.2%              
 165,000 USD   BAT Capital Corporation     4.3900  08/15/37   139,075 
                    
     TRANSPORTATION & LOGISTICS — 1.5%              
 200,000 EUR   Abertis Infraestructuras S.A.     2.3750  09/27/27   209,810 
 6,000 USD   DP World PLC(b)     4.7000  09/30/49   4,898 
 419,000 USD   Grupo Aeromexico S.A.B. de C.V.(b),(d)     8.5000  03/17/27   401,877 
 200,000 GBP   Heathrow Funding Ltd.     7.1250  02/14/24   253,607 
                  870,192 
     TOTAL CORPORATE BONDS (Cost $41,232,867)            39,202,184 
                    
     NON U.S. GOVERNMENT & AGENCIES — 25.2%              
     GOVERNMENT GUARANTEED — 0.0%(f)              
 28,000 USD   Brazil Minas SPE via State of Minas Gerais(b)     5.3330  02/15/28   27,644 
                    
     LOCAL AUTHORITY — 0.5%              
 150,000 CAD   Province of British Columbia Canada     3.2000  06/18/44   95,420 
 250,000 CAD   Province of Ontario Canada     2.8000  06/02/48   145,070 
 91,000 USD   Provincia de Buenos Aires/Government Bonds(g)     5.2500  09/01/37   35,733 
                  276,223 
     NON U.S. TREASURY — 7.2%              
 860,000 AUD   Australia Government Bond     1.2500  05/21/32   457,554 
 370,000 BRL   Brazil Notas do Tesouro Nacional Serie F     —  01/01/31   73,604 
 550,000 CAD   Canadian Government Bond     2.2500  06/01/29   388,003 
 115,200,000 COP   Colombian TES     7.5000  08/26/26   28,714 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount      (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)           
     NON U.S. TREASURY — 7.2% (Continued)           
 382,300,000 COP   Colombian TES  6.0000  04/28/28  $88,707 
 880,000,000 IDR   Indonesia Treasury Bond  8.7500  05/15/31   62,562 
 612,000,000 IDR   Indonesia Treasury Bond  8.2500  05/15/36   43,682 
 76,000 EUR   Ireland Government Bond  5.4000  03/13/25   84,221 
 50,000 EUR   Ireland Government Bond  0.9000  05/15/28   51,111 
 130,000 EUR   Ireland Government Bond  1.3000  05/15/33   126,814 
 240,000 EUR   Italy Buoni Poliennali Del Tesoro  4.5000  03/01/24   259,462 
 750,000 EUR   Italy Buoni Poliennali Del Tesoro  2.8000  12/01/28   802,553 
 640,000 EUR   Italy Buoni Poliennali Del Tesoro(b)  2.4500  09/01/33   627,413 
 180,000 EUR   Italy Buoni Poliennali Del Tesoro  5.0000  08/01/39   214,298 
 235,000 EUR   Italy Buoni Poliennali Del Tesoro  5.0000  09/01/40   279,719 
 680,000 MXN   Mexican Bonos  7.7500  05/29/31   36,565 
 720,000 MXN   Mexican Bonos  8.5000  11/18/38   39,316 
 1,860,000 MXN   Mexican Bonos  7.7500  11/13/42   92,950 
 170,000 EUR   Spain Government Bond  4.2000  01/31/37   200,624 
 250,000 EUR   Spain Government Bond  2.7000  10/31/48   226,782 
 360,000 THB   Thailand Government Bond  2.8750  12/17/28   10,356 
 1,720,000 THB   Thailand Government Bond  1.5850  12/17/35   42,756 
               4,237,766 
     SOVEREIGN — 17.0%           
 72,000 USD   Angolan Government International Bond(b)  8.2500  05/09/28   65,218 
 143,000 USD   Angolan Government International Bond(b)  8.7500  04/14/32   123,208 
 49,000 USD   Angolan Government International Bond(b)  9.3750  05/08/48   39,495 
 51,000 USD   Angolan Government International Bond(b)  9.1250  11/26/49   40,486 
 648,000 USD   Argentine Republic Government International Bond(g)  0.7500  07/09/30   263,529 
 209,000 USD   Argentine Republic Government International Bond(g)  3.6250  07/09/35   70,103 
 200,000 USD   Bahrain Government International Bond  6.7500  09/20/29   201,306 
 112,000 USD   Bahrain Government International Bond(b)  5.6250  09/30/31   104,518 
 60,000 USD   Bahrain Government International Bond(b)  5.2500  01/25/33   52,838 
 256,000 USD   Bahrain Government International Bond(b)  5.6250  05/18/34   227,942 
 3,000 USD   Bermuda Government International Bond(b)  4.7500  02/15/29   2,944 
 55,000 USD   Bolivian Government International Bond  7.5000  03/02/30   31,624 
 550,000 BRL   Brazilian Government International Bond  10.2500  01/10/28   114,910 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount      (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)           
     SOVEREIGN — 17.0% (Continued)           
 82,000 USD   Brazilian Government International Bond  4.5000  05/30/29  $78,573 
 35,000 USD   Brazilian Government International Bond  6.2500  03/18/31   36,007 
 86,000 USD   Brazilian Government International Bond  6.0000  10/20/33   85,121 
 235,000 USD   Brazilian Government International Bond  4.7500  01/14/50   174,154 
 5,000 USD   Chile Government International Bond  2.7500  01/31/27   4,739 
 8,000 USD   Chile Government International Bond  2.4500  01/31/31   6,958 
 9,000 USD   Chile Government International Bond  4.9500  01/05/36   8,851 
 4,000 USD   Chile Government International Bond  3.1000  05/07/41   3,009 
 3,000 USD   Chile Government International Bond  4.3400  03/07/42   2,655 
 5,000 USD   Chile Government International Bond  3.8600  06/21/47   4,021 
 4,000 USD   Chile Government International Bond  3.1000  01/22/61   2,578 
 100,000 EUR   Colombia Government International Bond  3.8750  03/22/26   106,602 
 139,000 USD   Colombia Government International Bond  4.5000  03/15/29   128,827 
 66,000 USD   Colombia Government International Bond  3.0000  01/30/30   55,086 
 70,000 USD   Colombia Government International Bond  8.0000  11/14/35   73,922 
 32,000 USD   Colombia Government International Bond  6.1250  01/18/41   28,033 
 173,000 USD   Colombia Government International Bond  4.1250  02/22/42   118,043 
 66,000 USD   Colombia Government International Bond  5.6250  02/26/44   52,832 
 238,000 USD   Colombia Government International Bond  5.0000  06/15/45   174,527 
 33,000 USD   Colombia Government International Bond  5.2000  05/15/49   24,473 
 181,000 USD   Costa Rica Government International Bond(b)  6.5500  04/03/34   185,729 
 93,000 USD   Costa Rica Government International Bond(b)  7.3000  11/13/54   97,548 
 46,000 USD   Dominican Republic International Bond  5.5000  02/22/29   44,675 
 236,000 USD   Dominican Republic International Bond(b)  4.8750  09/23/32   211,213 
 240,000 USD   Dominican Republic International Bond  4.8750  09/23/32   214,791 
 82,000 USD   Dominican Republic International Bond(b)  7.4500  04/30/44   85,603 
 25,000 USD   Dominican Republic International Bond  6.8500  01/27/45   24,511 
 142,000 USD   Dominican Republic International Bond  5.8750  01/30/60   120,885 
 127,000 USD   Ecuador Government International Bond(g)  6.0000  07/31/30   67,045 
 44,000 USD   Ecuador Government International Bond(b),(g)  6.0000  07/31/30   23,228 
 309,000 USD   Ecuador Government International Bond(g)  3.5000  07/31/35   128,125 
 15,000 USD   Ecuador Government International Bond(g)  2.5000  07/31/40   5,606 
 72,000 USD   Egypt Government International Bond(b)  3.8750  02/16/26   58,644 
 167,000 EUR   Egypt Government International Bond(b)  5.6250  04/16/30   115,597 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount      (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)           
     SOVEREIGN — 17.0% (Continued)           
 526,000 EUR   Egypt Government International Bond(b)  6.3750  04/11/31  $364,557 
 48,000 USD   Egypt Government International Bond(b)  8.5000  01/31/47   29,494 
 119,000 USD   Egypt Government International Bond(b)  8.8750  05/29/50   74,984 
 186,000 USD   El Salvador Government International Bond  6.3750  01/18/27   166,702 
 63,000 USD   El Salvador Government International Bond  8.2500  04/10/32   54,243 
 50,000 USD   El Salvador Government International Bond  7.6500  06/15/35   39,363 
 38,000 USD   El Salvador Government International Bond  9.5000  07/15/52   32,538 
 113,000 USD   Ethiopia International Bond(b)  6.6250  12/11/24   77,568 
 30,000 USD   Export-Import Bank of India  5.5000  01/18/33   30,520 
 2,000 USD   Finance Department Government of Sharjah(b)  4.0000  07/28/50   1,291 
 12,333 USD   Gabon Government International Bond(b)  6.3750  12/12/24   12,066 
 62,000 USD   Gabon Government International Bond(b)  6.9500  06/16/25   59,824 
 11,000 USD   Ghana Government International Bond(b)  6.3750  02/11/27   4,998 
 225,000 USD   Ghana Government International Bond(b)  10.7500  10/14/30   145,821 
 92,000 USD   Ghana Government International Bond(b)  8.6250  04/07/34   41,113 
 18,000 USD   Ghana Government International Bond(b)  8.9500  03/26/51   7,999 
 200,000 USD   Ghana Government International Bond  8.9500  03/26/51   88,874 
 333,000 USD   Guatemala Government Bond  6.1250  06/01/50   302,569 
 94,000 USD   Hazine Mustesarligi Varlik Kiralama A/S(b)  8.5090  01/14/29   97,652 
 34,000 USD   Honduras Government International Bond  5.6250  06/24/30   29,962 
 6,000 USD   Hungary Government International Bond(b)  6.1250  05/22/28   6,184 
 30,000 USD   Hungary Government International Bond(b)  6.2500  09/22/32   31,384 
 14,000 USD   Indonesia Government International Bond  4.5500  01/11/28   13,919 
 5,000 USD   Indonesia Government International Bond  4.6500  09/20/32   4,925 
 9,000 USD   Indonesia Government International Bond  4.8500  01/11/33   9,023 
 6,000 USD   Indonesia Government International Bond  4.2000  10/15/50   5,116 
 125,000 USD   Iraq International Bond  5.8000  01/15/28   116,930 
 100,000 EUR   Ivory Coast Government International Bond(b)  5.8750  10/17/31   97,403 
 62,823 USD   Ivory Coast Government International Bond(g)  5.7500  12/31/32   60,776 
 99,000 USD   Jordan Government International Bond(b)  7.5000  01/13/29   97,183 
 2,000 USD   Kazakhstan Government International Bond(b)  4.8750  10/14/44   1,878 
 20,000 USD   Kazakhstan Government International Bond(b)  6.5000  07/21/45   22,172 
 194,000 USD   Kenya Government International Bond(b)  8.0000  05/22/32   171,362 
 509,000 USD   Lebanon Government International Bond(e)  6.1000  10/04/22   29,540 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount      (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)           
     SOVEREIGN — 17.0% (Continued)           
 72,000 USD   Lebanon Government International Bond(e)  6.4000  05/26/23  $4,140 
 156,000 USD   Lebanon Government International Bond(e)  6.1500  06/19/23   8,970 
 11,000 USD   Magyar Export-Import Bank Zrt(b)  6.1250  12/04/27   11,123 
 11,000 USD   Mexico Government International Bond  4.7500  04/27/32   10,538 
 32,000 USD   Mexico Government International Bond  4.8750  05/19/33   30,613 
 1,000 USD   Mexico Government International Bond  6.3380  05/04/53   999 
 19,000 USD   Mexico Government International Bond  3.7710  05/24/61   12,490 
 25,000 USD   Mongolia Government International Bond(b)  8.6500  01/19/28   26,286 
 35,000 USD   Nigeria Government International Bond(b)  6.5000  11/28/27   31,771 
 128,000 USD   Nigeria Government International Bond(b)  6.1250  09/28/28   111,574 
 124,000 USD   Nigeria Government International Bond(b)  7.8750  02/16/32   107,894 
 120,000 USD   Nigeria Government International Bond(b)  7.3750  09/28/33   99,003 
 200,000 USD   Nigeria Government International Bond  7.6250  11/28/47   151,797 
 360,000 USD   Oman Government International Bond(b)  7.3750  10/28/32   401,332 
 243,000 USD   Pakistan Government International Bond(b)  6.0000  04/08/26   189,482 
 20,000 USD   Panama Government International Bond  2.2520  09/29/32   14,240 
 18,000 USD   Panama Government International Bond  4.5000  01/19/63   11,306 
 48,000 USD   Papua New Guinea Government International Bond(b)  8.3750  10/04/28   45,017 
 2,000 USD   Peruvian Government International Bond  2.3920  01/23/26   1,907 
 27,000 USD   Peruvian Government International Bond  2.7830  01/23/31   23,507 
 1,000 USD   Peruvian Government International Bond  3.0000  01/15/34   837 
 28,000 USD   Philippine Government International Bond  2.4570  05/05/30   24,561 
 2,000 USD   Philippine Government International Bond  1.6480  06/10/31   1,618 
 2,000 USD   Philippine Government International Bond  6.3750  01/15/32   2,204 
 3,000 USD   Philippine Government International Bond  5.0000  07/17/33   3,039 
 4,000 USD   Philippine Government International Bond  2.9500  05/05/45   2,838 
 1,000 USD   Philippine Government International Bond  4.2000  03/29/47   855 
 2,000 USD   Philippine Government International Bond  5.9500  10/13/47   2,158 
 16,000 USD   Qatar Government International Bond(b)  3.7500  04/16/30   15,485 
 10,000 USD   Qatar Government International Bond(b)  4.4000  04/16/50   8,781 
 145,000 USD   Republic of Angola Via Avenir Issuer II Ireland  6.9270  02/19/27   134,627 
 75,000 USD   Republic of Armenia International Bond(b)  3.6000  02/02/31   60,940 
 67,000 USD   Republic of Kenya Government International Bond(b)  7.0000  05/22/27   61,764 
 238,000 PLN   Republic of Poland Government Bond  2.7500  04/25/28   54,681 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount      (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)           
     SOVEREIGN — 17.0% (Continued)           
 292,000 PLN   Republic of Poland Government Bond  1.7500  04/25/32  $56,789 
 6,000 USD   Republic of Poland Government International Bond  5.7500  11/16/32   6,383 
 7,000 USD   Republic of Poland Government International Bond  4.8750  10/04/33   7,002 
 3,842,000 ZAR   Republic of South Africa Government Bond  8.5000  01/31/37   160,185 
 46,000 USD   Republic of South Africa Government International  4.3000  10/12/28   42,205 
 149,000 USD   Republic of South Africa Government International  5.8750  04/20/32   137,080 
 72,000 USD   Republic of South Africa Government International  6.3000  06/22/48   58,018 
 56,000 USD   Republic of South Africa Government International  5.7500  09/30/49   41,674 
 64,000 USD   Republic of South Africa Government International  7.3000  04/20/52   56,715 
 8,000 EUR   Romanian Government International Bond  2.3750  04/19/27   8,197 
 1,000 USD   Romanian Government International Bond(b)  6.6250  02/17/28   1,038 
 51,000 USD   Romanian Government International Bond(b)  7.1250  01/17/33   55,175 
 2,000 EUR   Romanian Government International Bond  4.1250  03/11/39   1,826 
 13,000 USD   Saudi Government International Bond(b)  5.5000  10/25/32   13,544 
 35,000 USD   Saudi Government International Bond(b)  2.2500  02/02/33   28,342 
 9,000 USD   Saudi Government International Bond(b)  4.8750  07/18/33   8,964 
 2,000 USD   Saudi Government International Bond(b)  4.6250  10/04/47   1,729 
 1,000 USD   Saudi Government International Bond(b)  5.0000  04/17/49   908 
 100,000 USD   Senegal Government International Bond(b)  6.2500  05/23/33   86,984 
 395,000 USD   Sri Lanka Government International Bond(b)  7.8500  03/14/29   201,988 
 353,000 USD   Turkey Government International Bond  9.8750  01/15/28   385,200 
 75,000 USD   Turkey Government International Bond  9.1250  07/13/30   80,132 
 459,000 USD   Turkey Government International Bond  5.7500  05/11/47   335,995 
 136,000 USD   Ukraine Government International Bond(a)  —  09/01/27   35,275 
 56,000 USD   Ukraine Government International Bond(a),(b)  7.7500  09/01/27   14,525 
 455,000 USD   Ukraine Government International Bond(a),(b)  7.7500  09/01/28   116,289 
 139,000 USD   Ukraine Government International Bond(a),(b)  7.3750  09/25/34   32,154 
 2,000 USD   Uruguay Government International Bond  4.3750  01/23/31   1,976 
 1,900,000 UYU   Uruguay Government International Bond  8.2500  05/21/31   45,863 
               9,910,797 
     SUPRANATIONAL — 0.5%           
 8,300,000 INR   European Bank for Reconstruction & Development  6.3000  10/26/27   98,573 
 200,000 EUR   European Investment Bank  1.1250  09/15/36   176,589 
               275,162 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal      Coupon Rate       
Amount      (%)  Maturity  Fair Value 
     NON U.S. GOVERNMENT & AGENCIES — 25.2% (Continued)           
      TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $15,620,865)        $14,727,592 
                 
Shares               
     SHORT-TERM INVESTMENTS — 6.3%           
     COLLATERAL FOR SECURITIES LOANED - 3.3%           
 1,940,910   Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(h), (j)         1,940,910 
                 
     MONEY MARKET FUNDS - 3.0%           
 1,742,951   Fidelity Government Portfolio, Class I, 5.22%(h)         1,742,951 
                 
     TOTAL SHORT-TERM INVESTMENTS (Cost $3,683,861)         3,683,861 
                 
     TOTAL INVESTMENTS - 98.7% (Cost $60,582,988)        $57,659,495 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 1.3%         740,062 
     NET ASSETS - 100.0%        $58,399,557 

 

OPEN FUTURES CONTRACTS 
Number of             Value and Unrealized 
Contracts   Open Long Futures Contracts  Expiration  Notional Amount(i)   Appreciation 
 62   Eurex 10 Year Euro BUND Future  03/07/2024  $9,100,703   $138,364 
 6   Eurex 30 Year Euro BUXL Future  03/07/2024   891,799    37,045 
 25   Long Gilt Future  03/26/2024   3,167,336    136,123 
 7   TSE Japanese 10 Year Bond Futures  03/13/2024   6,956,194    55,183 
     TOTAL FUTURES CONTRACTS          $366,715 
                   
OPEN FUTURES CONTRACTS 
Number of             Value and Unrealized 
Contracts   Open Short Futures Contracts  Expiration  Notional Amount(i)   Depreciation 
 53   CBOT 10 Year US Treasury Note  03/19/2024  $5,953,391   $(174,735)
 16   CBOT 5 Year US Treasury Note  03/28/2024   1,734,250    (37,125)
 4   CBOT US Treasury Bond Futures  03/19/2024   489,375    (28,656)
 13   Euro-BTP Italian Bond Futures  03/07/2024   1,671,248    (51,172)
     TOTAL FUTURES CONTRACTS          $(291,688)

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

CREDIT DEFAULT SWAP AGREEMENTS 
            Implied             Amortized   Unrealized 
   Payment     Fixed Deal  Credit             Upfront Payments   Appreciation/ 
Description  Frequency(k)  Counterparty  (Pay) Rate  Spread  Maturity Date  Notional Value(i)   Fair Value   Paid/(Received)   (Depreciation) 
CDX.EM SERIES 40  To Buy
Quarterly		  Citibank  1.00%  183  12/20/2028  $2,080,000   $69,976   $94,118   $(24,142)
ITRAXX EUROPE
CROSSOVER SERIES 40		  To Sell
Quarterly		  Citibank  5.00%  327  12/20/2028   3,090,000    (255,718)   (81,803)   (173,915)
TOTAL                      $(185,742)  $12,315   $(198,057)

 

                 Unrealized 
Foreign Currency  Settlement Date  Counterparty  Local Currency   U.S. Dollar Value   Appreciation/(Depreciation) 
To Buy:                     
Mexican Peso  02/09/2024  Citi Capital Markets   4,840,000   $280,919   $2,121 
Thailand Baht  02/14/2024  JP Morgan Chase   1,875,000    52,700    (745)
Australian Dollar  02/22/2024  Citi Capital Markets   560,000    367,578    (1,567)
Japanese Yen  02/22/2024  Citi Capital Markets   42,300,000    288,344    (2,180)
Brazilian Real  03/04/2024  JP Morgan Chase   28,000    5,637    (51)
British Pound  04/19/2024  Citi Capital Markets   49,000    62,131    (231)
Euro  04/19/2024  Citi Capital Markets   130,000    140,925    (691)
Japanese Yen  04/19/2024  Citi Capital Markets   11,347,000    78,042    243 
              $1,276,276   $(3,101)
                      
To Sell:                     
Euro  02/06/2024  Barclay   33,025   $35,689   $311 
Euro  02/06/2024  JP Morgan Chase   6,378,514    6,893,124    104,876 
Mexican Peso  02/09/2024  JP Morgan Chase   4,840,000    280,920    1,069 
Swiss Franc  02/12/2024  Citi Capital Markets   1,577    1,830    (3)
Brazilian Real  03/04/2024  JP Morgan Chase   105,000    21,138    (162)
Australian Dollar  04/19/2024  Citi Capital Markets   705,500    463,896    3,415 
British Pound  04/19/2024  Barclay   1,266,100    1,605,399    137 
Canadian Dollar  04/19/2024  Citi Capital Markets   890,900    663,384    (903)
Euro  04/19/2024  Citi Capital Markets   11,264,200    12,210,852    95,579 
Japanese Yen  04/19/2024  Citi Capital Markets   63,608,500    437,487    1,328 
              $22,613,719   $205,647 
                      
Total                  $202,546 

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

            Local Currency               Unrealized 
      Settlement     Amount   Local Currency   U.S. Dollar Market   U.S. Dollar Market   Appreciation/ 
Foreign Currency     Date  Counterparty  Purchased   Amount Sold   Value Buy   Value Sell   (Depreciation) 
To Buy:  To Sell:                               
Euro  Swiss Franc  2/12/2024  JP Morgan Chase   130,000    120,717    140,524    (140,075)  $449 
Swiss Franc  Euro  2/12/2024  Citi Capital Markets   122,294    130,000    141,905    (140,524)   1,381 
Japanese Yen  Euro  2/16/2024  JP Morgan Chase   119,166,768    760,000    811,537    (821,661)   (10,124)
Euro  British Pound  2/20/2024  Citi Capital Markets   260,000    223,719    281,142    (283,562)   (2,420)
Euro  British Pound  2/22/2024  Citi Capital Markets   130,000    111,746    140,583    (141,639)   (1,056)
Euro  British Pound  2/28/2024  Citi Capital Markets   130,000    110,867    140,618    (140,532)   86 
Euro  British Pound  4/19/2024  Citi Capital Markets   1,477,857    1,275,000    1,602,057    (1,616,683)   (14,626)
             121,416,919    2,732,049   $3,258,366   $3,284,676   $(26,310)
                                   
Total                               $(26,310)

 

A/S - Anonim Sirketi
   
LLC - Limited Liability Company
   
LTD - Limited Company
   
NV - Naamioze Vennootschap
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust
   
SA - Société Anonyme
   
SA de CV - Sociedad Anonima de Capital Variable
   
EUR003M Euribor 3 Month
   
H15T10Y US Treasury Yield Curve Rate T Note Constant Maturity 10 Year
   
H15T1Y US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
   
H15T5Y US Treasury Yield Curve Rate T Note Constant Maturity 5 Year
   
SOFRRATE United States SOFR Secured Overnight Financing Rate
   
AUD Australian Dollar
   
BRL Brazilian Real
   
CAD Canadian Dollar
   
COP Columbian Peso
   
EUR Euro
   
GBP British Pound
   
IDR Indonesia Rupiah
   
INR Indian Rupee
   
MXN Mexican Peso
   
PLN Polish Zloty
   
THB Thailand Baht
   
USD US Dollars
   
UYU Uruguayan Peso
   
ZAR South African Rand

 

 

DUNHAM INTERNATIONAL OPPORTUNITY BOND FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

(a) Non-income producing security.
   
(b) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of January 31, 2024 the total market value of 144A securities is $20,850,296 or 35.7% of net assets.
   
(c) Variable rate security; the rate shown represents the rate on January 31, 2024.
   
(d) All or a portion of these securities are on loan. Total loaned securities had a value of $1,869,658 at January 31, 2024.
   
(e) Represents issuer in default on interest payments; non-income producing security.
   
(f) Percentage rounds to less than 0.1%.
   
(g) Step bond. Coupon rate is fixed rate that changes on a specified date. The rate shown is the current rate at January 31, 2024.
   
(h) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(i) The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.
   
(j) The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
   
(k) If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index.

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 97.5%     
     AEROSPACE & DEFENSE - 2.9%     
 9,067   L3Harris Technologies, Inc.  $1,889,744 
 26,375   Raytheon Technologies Corporation(a)   2,403,291 
         4,293,035 
     ASSET MANAGEMENT - 1.8%     
 3,356   BlackRock, Inc.(a)   2,598,584 
           
     AUTOMOTIVE - 0.8%     
 31,335   General Motors Company(a)   1,215,798 
           
     BANKING - 6.9%     
 80,151   Bank of America Corporation   2,725,936 
 25,889   JPMorgan Chase & Company   4,514,006 
 16,558   Truist Financial Corporation   613,639 
 44,977   Wells Fargo & Company   2,256,946 
         10,110,527 
     BIOTECH & PHARMA - 7.2%     
 9,582   AbbVie, Inc.   1,575,281 
 5,339   Amgen, Inc.   1,677,834 
 33,771   Bristol-Myers Squibb Company   1,650,389 
 11,581   Johnson & Johnson   1,840,221 
 30,583   Merck & Company, Inc.   3,693,814 
         10,437,539 
     CHEMICALS - 3.0%     
 6,378   Air Products and Chemicals, Inc.   1,630,918 
 28,816   Corteva, Inc.   1,310,552 
 21,606   DuPont de Nemours, Inc.   1,335,251 
         4,276,721 
     CONSTRUCTION MATERIALS - 2.2%     
 3,706   Martin Marietta Materials, Inc.   1,884,205 
 8,480   Owens Corning   1,284,974 
         3,169,179 
     CONSUMER SERVICES - 0.7%     
 14,335   Service Corp International(a)   962,165 

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 97.5% (Continued)     
     DIVERSIFIED INDUSTRIALS - 1.7%     
 12,276   Honeywell International, Inc.  $2,482,944 
           
     ELECTRIC UTILITIES - 3.7%     
 18,785   Duke Energy Corporation   1,800,167 
 42,745   NextEra Energy, Inc.   2,506,139 
 16,955   Xcel Energy, Inc.   1,015,096 
         5,321,402 
     ELECTRICAL EQUIPMENT - 1.2%     
 32,354   Johnson Controls International PLC   1,704,732 
           
     ENGINEERING & CONSTRUCTION - 1.4%     
 10,444   Quanta Services, Inc.   2,026,658 
           
     ENTERTAINMENT CONTENT - 2.5%     
 38,341   Fox Corporation, Class A(a)   1,238,414 
 25,597   Walt Disney Company (The)   2,458,592 
         3,697,006 
     FOOD - 2.6%     
 37,325   Mondelez International, Inc., A   2,809,453 
 18,717   Tyson Foods, Inc., Class A   1,024,943 
         3,834,396 
     HEALTH CARE FACILITIES & SERVICES - 4.3%     
 9,883   Cencora, Inc.(a)   2,299,576 
 25,246   CVS Health Corporation   1,877,545 
 4,012   UnitedHealth Group, Inc.   2,053,101 
         6,230,222 
     HOUSEHOLD PRODUCTS - 1.9%     
 17,363   Procter & Gamble Company (The)   2,728,422 
           
     INDUSTRIAL REIT - 1.0%     
 11,117   Prologis, Inc.   1,408,413 

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Shares      Fair Value 
     COMMON STOCKS — 97.5% (Continued)     
     INFRASTRUCTURE REIT - 1.1%     
 8,338   American Tower Corporation, A  $1,631,330 
           
     INSTITUTIONAL FINANCIAL SERVICES - 2.2%     
 16,416   Bank of New York Mellon Corporation (The)   910,431 
 17,867   Intercontinental Exchange, Inc.   2,275,005 
         3,185,436 
     INSURANCE - 5.6%     
 7,535   Berkshire Hathaway, Inc., Class B(b)   2,891,480 
 23,059   Hartford Financial Services Group, Inc. (The)   2,005,211 
 11,125   Prudential Financial, Inc.(a)   1,167,346 
 10,271   Travelers Companies, Inc. (The)   2,170,879 
         8,234,916 
     INTERNET MEDIA & SERVICES - 3.1%     
 14,319   Alphabet, Inc., Class A(b)   2,006,092 
 6,283   Meta Platforms, Inc., Class A(b)   2,451,250 
         4,457,342 
     LEISURE FACILITIES & SERVICES - 1.1%     
 9,855   Darden Restaurants, Inc.   1,602,226 
           
     MACHINERY - 2.7%     
 5,118   Caterpillar, Inc.   1,536,987 
 5,051   Parker-Hannifin Corporation   2,346,189 
         3,883,176 
     MEDICAL EQUIPMENT & DEVICES - 7.2%     
 31,195   Abbott Laboratories   3,529,714 
 53,332   Avantor, Inc.(b)   1,226,103 
 7,538   Becton Dickinson and Company   1,800,150 
 4,313   Stryker Corporation   1,446,925 
 4,980   Thermo Fisher Scientific, Inc.   2,684,120 
         10,687,012 
     METALS & MINING - 0.7%     
 27,099   Freeport-McMoRan, Inc.   1,075,559 

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 97.5% (Continued)     
     OIL & GAS PRODUCERS - 6.8%     
 21,542   ConocoPhillips  $2,409,904 
 15,425   EOG Resources, Inc.   1,755,211 
 41,952   Exxon Mobil Corporation   4,313,084 
 10,000   Phillips 66   1,443,100 
         9,921,299 
     OIL & GAS SERVICES & EQUIPMENT - 1.2%     
 35,870   Schlumberger Ltd.   1,746,869 
           
     RESIDENTIAL REIT - 1.0%     
 21,924   Equity LifeStyle Properties, Inc.   1,484,036 
           
     RETAIL - CONSUMER STAPLES - 0.9%     
 9,752   Target Corporation   1,356,308 
           
     RETAIL - DISCRETIONARY - 1.3%     
 8,608   Lowe’s Companies, Inc.   1,832,127 
           
     SELF-STORAGE REIT - 1.2%     
 6,102   Public Storage   1,728,024 
           
     SEMICONDUCTORS - 3.7%     
 1,933   Broadcom, Inc.   2,280,939 
 24,222   Micron Technology, Inc.   2,077,037 
 12,669   ON Semiconductor Corporation(a),(b)   901,146 
         5,259,122 
     SOFTWARE - 2.8%     
 4,640   Microsoft Corporation   1,844,771 
 20,422   Oracle Corporation   2,281,138 
         4,125,909 
     SPECIALTY FINANCE - 1.1%     
 7,613   American Express Company   1,528,234 

 

 

DUNHAM LARGE CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 97.5% (Continued)     
     TECHNOLOGY HARDWARE - 1.2%     
 5,516   Motorola Solutions, Inc.  $1,762,362 
           
     TECHNOLOGY SERVICES - 2.7%     
 23,538   PayPal Holdings, Inc.(b)   1,444,056 
 5,538   S&P Global, Inc.   2,482,963 
         3,927,019 
     TELECOMMUNICATIONS - 1.3%     
 43,636   Verizon Communications, Inc.   1,847,985 
           
     TRANSPORTATION & LOGISTICS - 2.8%     
 64,351   CSX Corporation   2,297,331 
 14,977   Knight-Swift Transportation Holdings, Inc.   859,380 
 28,916   Southwest Airlines Company   864,299 
         4,021,010 
           
     TOTAL COMMON STOCKS (Cost $98,034,053)   141,795,044 
           
     SHORT-TERM INVESTMENTS — 9.5%     
     COLLATERAL FOR SECURITIES LOANED - 7.0%     
 10,212,064   Mount Vernon Liquid Assets Portfolio, LLC, , 5.46%(c)(d)   10,212,064 
           
     MONEY MARKET FUNDS - 2.5%     
 3,565,755   Invesco Treasury Portfolio Inst., Institutional Class, 5.24%(c)   3,565,755 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $13,777,819)   13,777,819 
           
     TOTAL INVESTMENTS - 107.0% (Cost $111,811,872)  $155,572,863 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (7.0)%   (10,154,410)
     NET ASSETS - 100.0%  $145,418,453 

 

LLC - Limited Liability Company
   
LTD - Limited Company
   
PLC - Public Limited Company
   
REIT - Real Estate Investment Trust

 

(a) All or a portion of these securities are on loan. Total loaned securities had a value of $10,100,660 at January 31, 2024.
   
(b) Non-income producing security.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(d) The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.4%     
     AEROSPACE & DEFENSE - 1.2%     
 13,957   AAR Corporation(a)  $848,865 
           
     APPAREL & TEXTILE PRODUCTS - 1.1%     
 8,160   Oxford Industries, Inc.(b)   774,629 
           
     ASSET MANAGEMENT - 1.0%     
 21,777   Victory Capital Holdings, Inc.   734,538 
           
     AUTOMOTIVE - 1.2%     
 103,844   American Axle & Manufacturing Holdings, Inc.(a)   840,098 
           
     BANKING - 16.3%     
 31,904   Amalgamated Financial Corporation   847,370 
 15,150   Banner Corporation   705,687 
 28,958   Berkshire Hills Bancorp, Inc.   694,992 
 34,749   Central Pacific Financial Corporation(b)   669,613 
 19,974   Enterprise Financial Services Corporation   831,518 
 16,108   First Financial Corporation   634,977 
 21,202   Hancock Whitney Corporation   956,422 
 36,121   Hanmi Financial Corporation   605,027 
 25,869   Heartland Financial USA, Inc.   917,573 
 34,080   Heritage Financial Corporation   686,712 
 26,344   Independent Bank Corporation   670,191 
 58,681   Old National Bancorp   966,477 
 51,740   Old Second Bancorp, Inc.   704,699 
 15,212   Pathward Financial, Inc.   787,677 
 22,244   Peoples Bancorp, Inc.   651,749 
 18,142   TrustCompany Bank Corp NY   524,304 
         11,854,988 
     BIOTECH & PHARMA - 6.3%     
 21,438   Alpine Immune Sciences, Inc.(a)   570,465 
 8,200   ANI Pharmaceuticals, Inc.(a)   457,724 
 27,249   Anika Therapeutics, Inc.(a),(b)   640,896 
 16,000   Arcturus Therapeutics Holdings, Inc.(a),(b)   527,520 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.4% (Continued)     
     BIOTECH & PHARMA - 6.3% (Continued)     
 26,825   Bridgebio Pharma, Inc.(a),(b)  $919,830 
 20,500   Dynavax Technologies Corporation(a),(b)   264,860 
 12,077   Ideaya Biosciences, Inc.(a)   525,712 
 48,771   Liquidia Technologies, Inc.(a),(b)   623,293 
         4,530,300 
     CHEMICALS - 2.0%     
 23,751   AdvanSix, Inc.   602,800 
 13,434   Minerals Technologies, Inc.   877,912 
         1,480,712 
     COMMERCIAL SUPPORT SERVICES - 4.1%     
 9,701   ASGN, Inc.(a)   900,446 
 44,900   Deluxe Corporation(b)   849,059 
 8,515   Huron Consulting Group, Inc.(a)   881,558 
 13,215   Schnitzer Steel Industries, Inc., Class A(b)   347,951 
         2,979,014 
     CONTAINERS & PACKAGING - 0.8%     
 41,525   O-I Glass, Inc.(a)   604,604 
           
     ELECTRIC UTILITIES - 1.1%     
 23,055   Avista Corporation(b)   784,101 
           
     ELECTRICAL EQUIPMENT - 1.8%     
 5,934   Belden, Inc.   440,184 
 25,181   Vontier Corporation   871,011 
         1,311,195 
     ENGINEERING & CONSTRUCTION - 0.7%     
 15,206   Primoris Services Corporation   498,757 
           
     FOOD - 1.1%     
 33,011   Fresh Del Monte Produce, Inc.   811,410 
           
     GAS & WATER UTILITIES - 2.5%     
 10,630   ONE Gas, Inc.(b)   652,363 
 9,791   SJW Group   582,956 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.4% (Continued)     
     GAS & WATER UTILITIES - 2.5% (Continued)     
 10,887   Spire, Inc.  $618,055 
         1,853,374 
     HEALTH CARE FACILITIES & SERVICES - 1.3%     
 55,914   AdaptHealth Corporation(a),(b)   403,699 
 22,200   Select Medical Holdings Corporation   576,978 
         980,677 
     HEALTH CARE REIT - 1.1%     
 38,002   CareTrust REIT, Inc.   795,002 
           
     HOME CONSTRUCTION - 5.4%     
 42,092   JELD-WEN Holding, Inc.(a)   782,911 
 8,270   M/I Homes, Inc.(a)   1,053,763 
 10,898   Patrick Industries, Inc.(b)   1,094,051 
 19,348   Taylor Morrison Home Corporation(a)   1,008,805 
         3,939,530 
     HOTEL REIT - 1.3%     
 80,445   RLJ Lodging Trust   931,553 
           
     INDUSTRIAL INTERMEDIATE PROD - 1.5%     
 22,794   Mueller Industries, Inc.(b)   1,094,112 
           
     INDUSTRIAL REIT - 1.1%     
 35,244   Plymouth Industrial REIT, Inc.   780,302 
           
     INSTITUTIONAL FINANCIAL SERVICES - 1.6%     
 6,922   Evercore, Inc., Class A   1,188,715 
           
     INSURANCE - 2.0%     
 14,277   Axis Capital Holdings Ltd.   849,767 
 34,602   Universal Insurance Holdings, Inc.   575,085 
         1,424,852 
     INTERNET MEDIA & SERVICES - 1.2%     
 40,206   TripAdvisor, Inc.(a)   868,450 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.4% (Continued)     
     LEISURE FACILITIES & SERVICES - 1.0%     
 28,296   Bloomin’ Brands, Inc.(b)  $753,240 
           
     MACHINERY - 1.7%     
 17,603   Columbus McKinnon Corporation   687,749 
 3,519   Standex International Corporation   519,616 
         1,207,365 
     MEDICAL EQUIPMENT & DEVICES - 1.6%     
 27,118   Avanos Medical, Inc.(a)   520,394 
 6,829   ICU Medical, Inc.(a)   625,059 
         1,145,453 
     METALS & MINING - 1.0%     
 3,104   Encore Wire Corporation(b)   699,952 
           
     MORTGAGE FINANCE - 1.8%     
 67,944   Ladder Capital Corporation   742,628 
 57,287   Ready Capital Corporation(b)   536,779 
         1,279,407 
     OFFICE REIT - 2.4%     
 34,170   American Assets Trust, Inc.   766,433 
 42,108   Cousins Properties, Inc.   964,694 
         1,731,127 
     OIL & GAS PRODUCERS - 7.1%     
 37,500   CNX Resources Corporation(a),(b)   757,500 
 49,134   Crescent Energy Company(b)   542,931 
 7,619   Gulfport Energy Corporation(a)   966,851 
 20,707   Northern Oil and Gas, Inc.(b)   693,685 
 13,567   Par Pacific Holdings, Inc.(a)   496,417 
 22,979   PBF Energy, Inc., Class A   1,160,668 
 20,796   SilverBow Resources, Inc.(a)   552,342 
         5,170,394 
     OIL & GAS SERVICES & EQUIPMENT - 2.4%     
 47,745   Liberty Oilfield Services, Inc., Class A(b)   992,618 
 101,486   RPC, Inc.(b)   741,863 
         1,734,481 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.4% (Continued)     
     RESIDENTIAL REIT - 1.7%     
 8,856   Centerspace  $484,955 
 51,329   Independence Realty Trust, Inc.(b)   754,023 
         1,238,978 
     RETAIL - CONSUMER STAPLES - 1.2%     
 10,533   Ingles Markets, Inc., Class A(b)   887,406 
           
     RETAIL - DISCRETIONARY - 5.4%     
 13,701   Academy Sports & Outdoors, Inc.(b)   859,464 
 3,457   Asbury Automotive Group, Inc.(a),(b)   722,720 
 30,713   Ethan Allen Interiors, Inc.   894,670 
 46,080   Sally Beauty Holdings, Inc.(a),(b)   567,706 
 9,034   Signet Jewelers Ltd.   898,701 
         3,943,261 
     RETAIL REIT - 2.1%     
 52,392   Acadia Realty Trust(b)   893,808 
 32,161   Kite Realty Group Trust   688,245 
         1,582,053 
     SEMICONDUCTORS - 2.1%     
 11,181   Diodes, Inc.(a)   752,705 
 21,249   Ultra Clean Holdings, Inc.(a),(b)   811,711 
         1,564,416 
     SOFTWARE - 1.3%     
 79,718   SolarWinds Corporation(a)   942,267 
           
     SPECIALTY FINANCE - 2.6%     
 14,239   Essent Group Ltd.   785,423 
 15,909   Mr Cooper Group, Inc.(a)   1,071,630 
         1,857,053 
     SPECIALTY REIT - 0.7%     
 11,184   EPR Properties(b)   495,116 
           
     TECHNOLOGY HARDWARE - 1.1%     
 79,889   Viavi Solutions, Inc.(a)   785,309 

 

 

DUNHAM SMALL CAP VALUE FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.4% (Continued)     
     TECHNOLOGY SERVICES - 1.3%     
 23,729   LiveRamp Holdings, Inc.(a)  $936,821 
           
     TRANSPORTATION & LOGISTICS - 2.4%     
 17,889   Covenant Logistics Group, Inc.   864,754 
 17,130   SkyWest, Inc.(a)   912,344 
         1,777,098 
     WHOLESALE - DISCRETIONARY - 0.8%     
 7,665   ePlus, Inc.(a)   579,014 
           
     TOTAL COMMON STOCKS (Cost $64,703,961)   72,219,989 
           
     SHORT-TERM INVESTMENTS — 26.5%     
     COLLATERAL FOR SECURITIES LOANED - 25.8%     
 18,788,531   Mount Vernon Liquid Assets Portfolio, LLC, , 5.46%(c)(d)   18,788,531 
           
     MONEY MARKET FUNDS - 0.7%     
 486,942   Invesco Treasury Portfolio Inst., Institutional Class, 5.24%(c)   486,942 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $19,275,473)   19,275,473 
           
     TOTAL INVESTMENTS - 125.9% (Cost $83,979,434)  $91,495,462 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (25.9)%   (18,819,587)
     NET ASSETS - 100.0%  $72,675,875 
           
LLC - Limited Liability Company
   
LTD - Limited Company
   
REIT - Real Estate Investment Trust

 

(a) Non-income producing security.
   
(b) All or a portion of these securities are on loan. Total loaned securities had a value of $17,794,231 at January 31, 2024.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(d) The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM FOCUSED LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.7%     
     ADVERTISING & MARKETING - 1.0%     
 26,819   Trade Desk, Inc. (The), Class A(a) (b)  $1,835,224 
           
     ASSET MANAGEMENT - 2.5%     
 36,817   Blackstone, Inc.(b)   4,581,876 
           
     E-COMMERCE DISCRETIONARY - 9.8%     
 84,851   Amazon.com, Inc.(a)   13,168,875 
 2,839   MercadoLibre, Inc.(a)   4,859,829 
         18,028,704 
     HEALTH CARE FACILITIES & SERVICES - 0.9%     
 5,776   Medpace Holdings, Inc.(a)   1,684,166 
           
     INTERNET MEDIA & SERVICES - 5.6%     
 7,006   Meta Platforms, Inc., Class A(a)   2,733,321 
 8,817   Netflix, Inc.(a)   4,973,758 
 39,450   Uber Technologies, Inc.(a)   2,574,902 
         10,281,981 
     LEISURE FACILITIES & SERVICES - 3.4%     
 2,577   Chipotle Mexican Grill, Inc.(a)   6,207,400 
           
     MEDICAL EQUIPMENT & DEVICES - 8.5%     
 8,202   Align Technology, Inc.(a)   2,192,559 
 38,720   DexCom, Inc.(a)   4,698,672 
 12,089   Insulet Corporation(a)   2,307,427 
 17,253   Intuitive Surgical, Inc.(a)   6,525,430 
         15,724,088 
     RETAIL - DISCRETIONARY - 4.6%     
 10,273   Lululemon Athletica, Inc.(a)   4,662,093 
 17,007   Tractor Supply Company(b)   3,819,772 
         8,481,865 
     SEMICONDUCTORS - 16.4%     
 32,604   Advanced Micro Devices, Inc.(a)   5,467,365 
 6,751   ASML Holding N.V. - ADR   5,872,155 
 41,876   Marvell Technology, Inc.   2,835,005 

 

 

DUNHAM FOCUSED LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.7% (Continued)     
     SEMICONDUCTORS - 16.4% (Continued)     
 25,925   NVIDIA Corporation  $15,950,875 
         30,125,400 
     SOFTWARE - 32.9%     
 11,708   Adobe, Inc.(a)   7,232,968 
 12,557   Cadence Design Systems, Inc.(a)   3,622,192 
 6,155   Intuit, Inc.   3,885,836 
 34,880   Microsoft Corporation   13,867,590 
 10,689   Palo Alto Networks, Inc.(a)   3,618,333 
 28,314   Salesforce, Inc.(a)   7,958,782 
 18,382   ServiceNow, Inc.(a)   14,069,584 
 8,222   Snowflake, Inc.(a)   1,608,552 
 23,489   Veeva Systems, Inc., Class A(a)   4,871,853 
         60,735,690 
     TECHNOLOGY HARDWARE - 3.9%     
 39,403   Apple, Inc.   7,265,913 
           
     TECHNOLOGY SERVICES - 10.2%     
 26,058   Mastercard, Inc., Class A   11,706,035 
 26,045   Visa, Inc., Class A(b)   7,117,057 
         18,823,092 
           
     TOTAL COMMON STOCKS (Cost $71,345,056)   183,775,399 
           
Shares       Fair Value 
     SHORT-TERM INVESTMENTS — 9.9%     
     COLLATERAL FOR SECURITIES LOANED – 9.5%     
 17,484,623   Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(c) (d)   17,484,623 

 

 

DUNHAM FOCUSED LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
    SHORT-TERM INVESTMENTS — 9.9% (Continued)    
     MONEY MARKET FUND - 0.4%     
 707,890   STIT - Treasury Obligations Portfolio, 5.19%(c)  $707,890 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $18,192,513)   18,192,513 
           
     TOTAL INVESTMENTS - 109.6% (Cost $89,537,569)  $201,967,912 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (9.6)%   (17,681,547)
     NET ASSETS - 100.0%  $184,286,365 

 

ADR - American Depositary Receipt
   
ETF - Exchange-Traded Fund
   
LLC - Limited Liability Company

 

(a) Non-income producing security.
   
(b) All or a portion of these securities on loan. Total loaned securities had a value of $16,862,904 at January 31, 2024.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(d) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.7%     
     ADVERTISING & MARKETING - 0.8%     
 8,763   Trade Desk, Inc. (The), Class A(a), (b)  $599,652 
           
     AEROSPACE & DEFENSE - 1.3%     
 14,317   Hexcel Corporation   950,506 
           
     APPAREL & TEXTILE PRODUCTS - 1.1%     
 8,191   Crocs, Inc.(a), (b)   831,223 
           
     BANKING - 2.3%     
 9,409   Pinnacle Financial Partners, Inc.(b)   831,567 
 36,890   Seacoast Banking Corporation of Florida   906,019 
         1,737,586 
     BEVERAGES - 0.5%     
 20,540   Vita Coco Company, Inc. (The)(a)   404,433 
           
     BIOTECH & PHARMA - 6.6%     
 11,121   Crinetics Pharmaceuticals, Inc.(a)   405,694 
 24,996   Day One Biopharmaceuticals, Inc.(a)   376,190 
 16,671   Denali Therapeutics, Inc.(a)   266,903 
 26,692   Fusion Pharmaceuticals, Inc.(a)   310,161 
 20,942   Halozyme Therapeutics, Inc.(a)   708,887 
 7,663   Immunocore Holdings plc - ADR(a), (b)   553,958 
 5,242   Intra-Cellular Therapies, Inc.(a)   352,996 
 25,470   Maravai LifeSciences Holdings, Inc.(a)   147,726 
 25,062   Neumora Therapeutics, Inc.(a)   373,424 
 5,013   Prothena Corp plc(a)   142,319 
 29,486   Roivant Sciences Ltd.(a)   294,860 
 3,251   Structure Therapeutics, Inc. - ADR(a)   141,809 
 12,284   Vaxcyte, Inc.(a), (b)   877,323 
         4,952,250 
     COMMERCIAL SUPPORT SERVICES - 1.1%     
 4,309   FTI Consulting, Inc.(a)   825,647 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.7% (Continued)     
     CONSTRUCTION MATERIALS - 1.2%     
 6,655   Advanced Drainage Systems, Inc.(b)  $867,945 
           
     E-COMMERCE DISCRETIONARY - 0.9%     
 18,290   Global-e Online Ltd.(a)   690,813 
           
     ELECTRICAL EQUIPMENT - 1.7%     
 15,767   BWX Technologies, Inc.   1,284,695 
           
     ENGINEERING & CONSTRUCTION - 4.1%     
 8,680   Exponent, Inc.(b)   765,489 
 5,380   Installed Building Products, Inc.   1,048,293 
 2,278   TopBuild Corporation(a)   840,878 
 7,990   WillScot Mobile Mini Holdings Corporation(a), (b)   377,927 
         3,032,587 
     ENTERTAINMENT CONTENT - 0.7%     
 36,881   IMAX Corporation(a)   515,228 
           
     HEALTH CARE FACILITIES & SERVICES - 4.3%     
 21,655   Option Care Health, Inc.(a)   676,502 
 11,001   Progyny, Inc.(a), (b)   419,028 
 25,021   RadNet, Inc.(a)   925,027 
 19,621   SI-BONE, Inc.(a), (b)   396,540 
 25,181   Surgery Partners, Inc.(a), (b)   772,805 
         3,189,902 
     HOME CONSTRUCTION - 2.6%     
 21,669   AZEK Company, Inc. (The)(a)   835,556 
 7,104   Century Communities, Inc.   615,917 
 7,387   Skyline Champion Corporation(a)   505,862 
         1,957,335 
     HOUSEHOLD PRODUCTS - 2.1%     
 5,825   elf Beauty, Inc.(a), (b)   929,263 
 4,715   Inter Parfums, Inc.   656,092 
         1,585,355 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.7% (Continued)     
     INDUSTRIAL SUPPORT SERVICES - 2.9%     
 5,299   Applied Industrial Technologies, Inc.  $935,062 
 5,777   Herc Holdings, Inc.   852,050 
 2,159   SiteOne Landscape Supply, Inc.(a), (b)   333,673 
         2,120,785 
     INSTITUTIONAL FINANCIAL SERVICES - 3.6%     
 5,042   Evercore, Inc., Class A   865,863 
 7,209   Houlihan Lokey, Inc.(b)   863,494 
 9,896   Tradeweb Markets, Inc., CLASS A   943,979 
         2,673,336 
     INSURANCE - 1.3%     
 12,155   Goosehead Insurance, Inc., CLASS A(a),(b)   938,366 
           
     INTERNET MEDIA & SERVICES - 1.0%     
 19,925   Pinterest, Inc., Class A(a)   746,589 
           
     LEISURE FACILITIES & SERVICES - 4.8%     
 76,812   Lindblad Expeditions Holdings, Inc.(a)   709,743 
 68,218   OneSpaWorld Holdings Ltd.(a)   929,812 
 33,647   Sweetgreen, Inc.(a)   359,350 
 6,098   Texas Roadhouse, Inc.   766,641 
 2,674   Wingstop, Inc.   751,688 
         3,517,234 
     LEISURE PRODUCTS - 1.0%     
 2,352   Axon Enterprise, Inc.(a)   585,789 
 24,747   Peloton Interactive, Inc., Class A(a), (b)   137,593 
         723,382 
     MACHINERY - 3.3%     
 19,693   Flowserve Corporation   786,341 
 6,296   Lindsay Corporation   819,173 
 5,124   MSA Safety, Inc.   845,614 
         2,451,128 
     MEDICAL EQUIPMENT & DEVICES - 7.8%     
 64,614   Adaptive Biotechnologies Corporation(a)   237,133 
 60,055   Alphatec Holdings, Inc.(a)   966,286 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.7% (Continued)     
     MEDICAL EQUIPMENT & DEVICES - 7.8% (Continued)     
 6,325   DexCom, Inc.(a)  $767,539 
 11,252   Inari Medical, Inc.(a), (b)   640,801 
 18,941   Inmode Ltd.(a), (b)   448,712 
 20,203   Quanterix Corporation(a)   446,284 
 4,563   Repligen Corporation(a), (b)   864,233 
 24,320   Stevanato Group SpA(b)   771,917 
 1,546   West Pharmaceutical Services, Inc.   576,704 
         5,719,609 
     OIL & GAS PRODUCERS - 0.8%     
 3,836   Cheniere Energy, Inc.   629,066 
           
     OIL & GAS SERVICES & EQUIPMENT - 1.0%     
 36,149   TechnipFMC plc   699,121 
           
     RENEWABLE ENERGY - 0.9%     
 49,288   Array Technologies, Inc.(a), (b)   652,573 
           
     RETAIL - CONSUMER STAPLES - 2.6%     
 1,958   Five Below, Inc.(a)   351,383 
 12,376   Ollie’s Bargain Outlet Holdings, Inc.(a), (b)   890,205 
 13,296   Sprouts Farmers Market, Inc.(a), (b)   669,719 
         1,911,307 
     RETAIL - DISCRETIONARY - 1.6%     
 5,296   Boot Barn Holdings, Inc.(a), (b)   379,935 
 9,203   Freshpet, Inc.(a), (b)   792,378 
         1,172,313 
     SEMICONDUCTORS - 6.0%     
 4,169   Axcelis Technologies, Inc.(a)   542,178 
 19,374   FormFactor, Inc.(a)   751,130 
 6,249   Lattice Semiconductor Corporation(a), (b)   380,314 
 1,180   Monolithic Power Systems, Inc.   711,210 
 4,496   Onto Innovation, Inc.(a)   726,104 
 8,068   Power Integrations, Inc.   604,777 
 2,957   Silicon Laboratories, Inc.(a)   364,776 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.7% (Continued)     
     SEMICONDUCTORS - 6.0% (Continued)     
 3,597   SiTime Corporation(a), (b)  $383,332 
         4,463,821 
     SOFTWARE - 15.8%     
 3,755   Appfolio, Inc., Class A(a)   823,321 
 12,160   Blackline, Inc.(a)   713,549 
 25,408   Calix, Inc.(a)   843,037 
 16,808   Confluent, Inc., Class A(a)   375,827 
 23,684   DoubleVerify Holdings, Inc.(a), (b)   947,597 
 12,858   Dynatrace, Inc.(a)   732,906 
 9,451   Five9, Inc.(a)   716,953 
 13,512   Gitlab, Inc.(a), (b)   960,839 
 25,176   JFrog Ltd.(a)   818,975 
 1,401   MongoDB, Inc.(a), (b)   561,129 
 28,067   Privia Health Group, Inc.(a), (b)   565,831 
 10,215   Procore Technologies, Inc.(a)   729,249 
 17,459   Q2 Holdings, Inc.(a), (b)   742,880 
 3,002   Rapid7, Inc.(a)   165,200 
 17,532   Smartsheet, Inc., Class A(a)   788,414 
 2,083   Veeva Systems, Inc., Class A(a)   432,035 
 35,179   Vertex, Inc., CLASS A(a), (b)   853,443 
         11,771,185 
     TECHNOLOGY HARDWARE - 1.6%     
 5,636   Fabrinet(a)   1,203,342 
           
     TECHNOLOGY SERVICES - 7.6%     
 26,615   ExlService Holdings, Inc.(a)   832,517 
 1,979   Globant SA(a)   466,668 
 18,484   LiveRamp Holdings, Inc.(a)   729,748 
 10,564   MAXIMUS, Inc.   856,952 
 2,167   MSCI, Inc.(b)   1,297,210 
 8,649   Shift4 Payments, Inc.(a), (b)   621,085 
 11,247   WNS Holdings Ltd., ADR - ADR(a)   779,979 
         5,584,159 

 

 

DUNHAM SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.7% (Continued)     
     WHOLESALE - CONSUMER STAPLES - 0.8%     
 22,557   Grocery Outlet Holding Corporation(a), (b)  $558,962 
           
     TOTAL COMMON STOCKS (Cost $57,077,980)   70,961,435 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 28.3%     
     COLLATERAL FOR SECURITIES LOANED – 23.5%     
 17,434,053   Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(c)(d)   17,434,053 
           
     MONEY MARKET FUND – 4.8%     
 3,535,183   Fidelity Money Market Government Portfolio Class I, 5.22%(c)   3,535,183 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $20,969,236)   20,969,236 
           
     TOTAL INVESTMENTS - 124.0% (Cost $78,047,216)  $91,930,671 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (24.0)%   (17,772,512)
     NET ASSETS - 100.0%  $74,158,159 

 

ADR - American Depositary Receipt
   
LLC - Limited Liability Company
   
LTD - Limited Company
   
MSCI - Morgan Stanley Capital International
   
PLC - Public Limited Company

 

(a) Non-income producing security.
   
(b) All or a portion of these securities are on loan. Total loaned securities had a value of $16,742,496 at January 31, 2024.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(d) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     CLOSED END FUNDS — 0.9%     
     MIXED ALLOCATION - 0.9%     
 136,545   Vietnam Enterprise Investments Ltd.(a)  $988,090 
           
     TOTAL CLOSED END FUNDS (Cost $861,698)   988,090 
           
     COMMON STOCKS — 95.0%     
     APPAREL & TEXTILE PRODUCTS - 1.3%     
 148,800   Shenzhou International Group Holdings Ltd.   1,325,128 
           
     AUTOMOTIVE - 3.6%     
 32,300   BYD Company Ltd.   774,117 
 7,000   Hyundai Mobis Company Ltd.   1,097,340 
 17,059   Kia Corp(a)   1,310,399 
 85,277   Sona Blw Precision Forgings Ltd.   634,482 
         3,816,338 
     BANKING - 15.3%     
 122,539   Axis Bank Ltd.   1,574,917 
 167,748   Banco Bradesco S.A. - ADR   520,019 
 2,015,000   Bank Central Asia Tbk P.T.   1,219,128 
 38,007   Bank Polska Kasa Opieki S.A.   1,462,110 
 4,769,600   Bank Rakyat Indonesia Persero Tbk P.T.   1,718,180 
 370,346   FirstRand Ltd.   1,341,383 
 11,900   HDFC Bank Ltd. - ADR   660,331 
 194,036   HDFC Bank Ltd.   3,410,978 
 210,148   Itau Unibanco Holding S.A. - ADR   1,386,977 
 1,620,700   Public Bank Bhd   1,502,766 
 117,820   Qatar National Bank QPSC   501,213 
 271,500   SCB X PCL   791,897 
         16,089,899 
     BEVERAGES - 4.5%     
 19,800   Heineken Malaysia Bhd   100,907 
 5,300   Kweichow Moutai Company Ltd.   1,192,278 
 224,073   Varun Beverages Ltd.   3,455,329 
         4,748,514 

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.0% (Continued)     
     CHEMICALS - 0.3%     
 7,577   Sociedad Quimica y Minera de Chile S.A. - ADR(b)  $318,764 
           
     E-COMMERCE DISCRETIONARY - 1.5%     
 116,141   Alibaba Group Holding Ltd   1,041,669 
 89,728   Honasa Consumer Ltd.(a)   505,421 
         1,547,090 
     ELECTRIC UTILITIES - 2.1%     
 77,040   ACEN Corporation   5,815 
 645,200   CGN Power Company Ltd.   345,186 
 315,100   China Yangtze Power Company Ltd., Class A   1,077,059 
 57,409   JSW Energy Ltd.   349,203 
 155,986   Shenzhen Envicool Technology Company Ltd.   419,575 
         2,196,838 
     ELECTRICAL EQUIPMENT - 0.7%     
 242,528   NARI Technology Company Ltd.   712,961 
           
     ENGINEERING & CONSTRUCTION - 2.6%     
 44,912   Larsen & Toubro Ltd.   1,879,529 
 20,664   Mytilineos S.A.   848,441 
         2,727,970 
     ENTERTAINMENT CONTENT - 0.8%     
 44,290   NetEase, Inc.   860,916 
           
     FOOD - 0.3%     
 1,900,700   Monde Nissin Corporation   297,851 
           
     HEALTH CARE FACILITIES & SERVICES - 3.3%     
 333,315   Max Healthcare Institute Ltd.   3,133,347 
 42,400   WuXi AppTec Company Ltd.   323,367 
         3,456,714 
     INSTITUTIONAL FINANCIAL SERVICES - 0.7%     
 25,400   Hong Kong Exchanges & Clearing Ltd.   770,100 

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.0% (Continued)     
     INSURANCE - 2.3%     
 213,400   AIA Group Ltd.  $1,673,577 
 68,178   Prudential PLC   700,371 
         2,373,948 
     INTERNET MEDIA & SERVICES - 6.7%     
 70,700   KE Holdings, Inc., Institutional Class - ADR   1,001,819 
 115,500   Tencent Holdings Ltd.   4,009,168 
 54,100   Trip.com Group Ltd. - ADR(a)   1,977,896 
         6,988,883 
     LEISURE FACILITIES & SERVICES - 4.3%     
 203,760   Jollibee Foods Corporation   920,581 
 765,483   Lemon Tree Hotels Ltd.(a)   1,289,964 
 1,118,139   Minor International PCL   957,988 
 78,798   OPAP S.A.   1,363,958 
         4,532,491 
     MEDICAL EQUIPMENT & DEVICES - 0.9%     
 23,700   Shenzhen Mindray Bio-Medical Electronics Co.   891,743 
           
     OIL & GAS PRODUCERS - 4.4%     
 376,189   Gazprom PJSC(a)(c)(d)   — 
 2,122,000   PetroChina Company Ltd., H Shares   1,534,986 
 113,300   Petroleo Brasileiro S.A. - ADR   1,934,031 
 274,610   PTT Exploration & Production PCL   1,154,888 
         4,623,905 
     REAL ESTATE OWNERS & DEVELOPERS - 1.1%     
 667,729   Indiabulls Real Estate Ltd.(a)   787,960 
 230,490   Vinhomes JSC(a)   391,701 
         1,179,661 
     RETAIL - CONSUMER STAPLES - 1.9%     
 8,512   Magnit PJSC(a)(c)(d)   — 
 472,337   Wal-Mart de Mexico S.A.B. de C.V.   1,951,248 
         1,951,248 
     RETAIL - DISCRETIONARY - 0.8%     
 1,598,700   Home Product Center PCL   471,166 

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 95.0% (Continued)     
     RETAIL - DISCRETIONARY - 0.8% (Continued)     
 97   LPP S.A.  $377,214 
         848,380 
     SEMICONDUCTORS - 15.3%     
 13,000   Alchip Technologies Ltd.   1,612,288 
 14,000   eMemory Technology, Inc.   1,248,474 
 5,000   Global Unichip Corporation   245,448 
 25,478   HPSP Company Ltd.(a)   854,071 
 26,714   SK Hynix, Inc.   2,675,319 
 444,608   Taiwan Semiconductor Manufacturing Company Ltd.   8,899,106 
 5,300   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   598,688 
         16,133,394 
     TECHNOLOGY HARDWARE - 13.3%     
 72,099   Accton Technology Corporation   1,212,715 
 109,000   Delta Electronics, Inc.   975,257 
 30,000   Lotes Company Ltd.   946,240 
 127,981   Samsung Electronics Company Ltd.   6,954,501 
 129,200   Sunny Optical Technology Group Company Ltd.   794,115 
 249,000   Unimicron Technology Corporation   1,396,759 
 24,000   Wiwynn Corporation   1,691,777 
         13,971,364 
     TECHNOLOGY SERVICES - 1.6%     
 302,833   Shanghai Baosight Software Company Ltd.   1,737,564 
           
     TELECOMMUNICATIONS - 3.5%     
 163,254   Bharti Airtel Ltd.   2,302,063 
 5,577,900   Telekomunikasi Indonesia Persero Tbk P.T.   1,399,087 
         3,701,150 
     TRANSPORTATION & LOGISTICS - 1.9%     
 119,263   Container Corp Of India Ltd.   1,272,542 
 101,876   Spring Airlines Company Ltd.(a)   746,260 
         2,018,802 
           
     TOTAL COMMON STOCKS (Cost $87,380,559)   99,821,616 

 

 

DUNHAM EMERGING MARKETS STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     PREFERRED STOCKS — 1.7%     
     TECHNOLOGY HARDWARE — 1.7%     
 40,616   Samsung Electronics Company Ltd.  $1,777,294 
           
     TOTAL PREFERRED STOCKS (Cost $1,985,575)   1,777,294 
           
     SHORT-TERM INVESTMENTS — 2.7%     
     COLLATERAL FOR SECURITIES LOANED - 0.3%     
 344,748   Mount Vernon Liquid Assets Portfolio, LLC, 5.46% (e)(f)   344,748 
           
     MONEY MARKET FUNDS - 2.4%     
 2,463,964   First American Government Obligations Fund, Class X, 5.25%(f)   2,463,964 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $2,808,712)   2,808,712 
           
     TOTAL INVESTMENTS - 100.3% (Cost $93,036,544)  $105,395,712 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)%   (302,989)
     NET ASSETS - 100.0%  $105,092,723 

 

ADR - American Depositary Receipt
   
LLC - Limited Liability Company
   
LTD - Limited Company
   
PJSC - Public Joint-Stock Company
   
PLC - Public Limited Company
   
PT - Perseroan Terbatas
   
SA - Société Anonyme

 

(a) Non-income producing security.
   
(b) All or a portion of these securities are on loan. Total loaned securities had a value of $313,590 at January 31, 2024.
   
(c) The value of this security has been determined in good faith under policies of the Board of Trustees.
   
(d) Illiquid Security.
   
(e) The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
   
(f) Rate disclosed is the seven day effective yield as of January 31, 2024.

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2%     
     APPAREL & TEXTILE PRODUCTS - 0.1%     
 3,935   Gildan Activewear, Inc.  $129,894 
           
     ASSET MANAGEMENT - 0.6%     
 27,603   UBS Group A.G.(a)   826,042 
           
     AUTOMOTIVE – 9.0%     
 5,000   Aisin Corporation   186,687 
 23,857   Bayerische Motoren Werke A.G.   2,481,929 
 3,364   Bayerische Motoren Werke A.G. Preference   328,636 
 10,835   Continental A.G.   884,952 
 27,300   Honda Motor Company Ltd.   305,180 
 4,244   Hyundai Mobis Company Ltd.   665,302 
 753   Hyundai Motor Company   109,531 
 1,761   Kia Corp(c)   135,272 
 21,100   Mazda Motor Corporation   255,820 
 17,169   Mercedes-Benz Group A.G.   1,158,909 
 77,900   Nissan Motor Company Ltd.   305,841 
 1,363   Rheinmetall A.G.   477,193 
 152,991   Stellantis N.V.(a)   3,365,685 
 26,400   Subaru Corporation   526,694 
 37,700   Sumitomo Electric Industries Ltd.   501,124 
 60,000   Yadea Group Holdings Ltd.   82,266 
 32,100   Zhejiang Cfmoto Power Company Ltd.   422,091 
         12,193,112 
     BANKING - 16.7%     
 167,000   Agricultural Bank of China Ltd., H Shares   64,661 
 1,559,658   Akbank T.A.S.   2,030,248 
 30,481   Banco Bilbao Vizcaya Argentaria S.A.   285,232 
 4,500   Banco do Brasil S.A.   51,353 
 85,730   Banco Santander S.A.   344,489 
 27,804   Bancolombia S.A.   233,992 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     BANKING - 16.7% (Continued)     
 31,556   Bancolombia S.A. Preference  $248,706 
 6,714   Bank Hapoalim BM   57,114 
 43,009   Bank Leumi Le-Israel BM   326,611 
 279,200   Bank of Beijing Company Ltd., Class A   199,267 
 14,968   Bank of China Ltd. - ADR   139,951 
 3,575,000   Bank of China Ltd., H Shares   1,341,595 
 1,150,000   Bank of Communications Company Ltd., H Shares   680,348 
 376,800   Bank of Jiangsu Company Ltd.   386,229 
 185,729   Barclays plc - ADR(a)   1,400,396 
 79,615   Barclays plc   147,953 
 31,712   BNK Financial Group, Inc.   178,368 
 5,821   BNP Paribas S.A.   391,006 
 228,936   China CITIC Bank Corp Ltd.   200,958 
 1,240,000   China Construction Bank Corporation, H Shares   736,393 
 350,500   China Minsheng Banking Corp Ltd., H Shares   116,575 
 272,000   Chongqing Rural Commercial Bank Company Ltd., H Shares   105,792 
 27,662   Commercial International Bank Egypt S.A.E   32,641 
 116,851   Deutsche Bank A.G.(a)   1,502,063 
 1,861   Erste Group Bank A.G.   80,154 
 5,200   Grupo Financiero Banorte SAB de CV   52,883 
 395,065   Haci Omer Sabanci Holding A/S   944,197 
 10,225   Hana Financial Group, Inc.   365,642 
 59,435   Industrial & Commercial Bank of China Ltd. - ADR   577,113 
 1,630,000   Industrial & Commercial Bank of China Ltd., H Shares   794,024 
 26,400   Industrial Bank Company Ltd.   58,200 
 110,337   Intesa Sanpaolo SpA   339,917 
 13,180   Intesa Sanpaolo SpA - ADR(a)   244,225 
 78,571   Itau Unibanco Holding S.A. - ADR   518,569 
 12,641   KB Financial Group, Inc.   536,488 
 15,777   Nordea Bank Abp   194,408 
 1,218   OTP Bank Nyrt   56,433 
 4,500   Powszechna Kasa Oszczednosci Bank Polski S.A.   57,101 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     BANKING - 16.7% (Continued)     
 121,567   Quinenco S.A.  $412,720 
 17,837   Royal Bank of Canada   1,741,019 
 445   Santander Bank Polska S.A.   53,902 
 775,890   Sberbank of Russia PJSC(b)(c)(g)   — 
 2,831   Shinhan Financial Group Company Ltd.   86,747 
 36,156   Skandinaviska Enskilda Banken A.B.   513,518 
 3,214   Societe Generale S.A.   82,600 
 6,000   Swedbank A.B., A Shares   122,274 
 529,219   Turkiye Garanti Bankasi A/S   1,107,610 
 119,320   Turkiye Is Bankasi A/S   100,612 
 21,414   UniCredit SpA   627,142 
 1,284,860,000   VTB Bank PJSC(b)(c)(g)   — 
 2,410,939   Yapi ve Kredi Bankasi A/S   1,731,680 
         22,601,119 
     BIOTECH & PHARMA - 5.0%     
 12,451   Bayer A.G.   387,360 
 58,236   GSK plc - ADR   2,296,827 
 1,186   Novo Nordisk A/S - ADR   136,082 
 2,500   Otsuka Holdings Company Ltd.   98,277 
 13,679   Roche Holding A.G.   3,895,493 
         6,814,039 
     CHEMICALS - 0.0%(d)     
 10,128   PhosAgro PJSC(b)(c)(g)   — 
           
     COMMERCIAL SUPPORT SERVICES - 0.2%     
 3,824   Randstad N.V.   217,393 
           
     CONSTRUCTION MATERIALS - 0.4%     
 1,100   AGC, Inc.   41,372 
 6,705   CRH plc(a)   481,151 
 0   Turkiye Sise ve Cam Fabrikalari A/S   0 
         522,523 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     DIVERSIFIED INDUSTRIALS - 0.9%     
 18,900   Mitsubishi Heavy Industries Ltd  $1,260,773 
           
     E-COMMERCE DISCRETIONARY - 0.8%     
 8,626   PDD Holdings, Inc. - ADR(c)   1,094,381 
           
     ELECTRIC UTILITIES - 0.6%     
 1,200   Chubu Electric Power Company, Inc.   15,568 
 12,042   E.ON S.E.   162,889 
 19,994   Engie S.A.   319,294 
 3,821   Fortis, Inc.   153,320 
 3,800   Kansai Electric Power Company, Inc. (The)   51,843 
 16,700   Tokyo Electric Power Company Holdings, Inc.(c)   88,919 
         791,833 
     ELECTRICAL EQUIPMENT - 0.3%     
 7,240   ABB Ltd.   306,405 
 7,600   Mitsubishi Electric Corporation   112,793 
         419,198 
     ENGINEERING & CONSTRUCTION - 0.9%     
 966,900   China State Construction Engineering Corp Ltd.   697,306 
 1   Enka Insaat ve Sanayi A/S   1 
 1,021,200   Metallurgical Corp of China Ltd., Class A   463,469 
         1,160,776 
     ENTERTAINMENT CONTENT - 0.7%     
 97,000   37 Interactive Entertainment Network Technology   225,617 
 3,600   Capcom Company Ltd.   137,308 
 5,691   NetEase, Inc. - ADR(a)   555,670 
         918,595 
     FOOD - 0.4%     
 1,097   Salmar ASA   60,901 
 741,000   WH Group Ltd.   437,188 
         498,089 
     GAS & WATER UTILITIES - 0.0%(d)     
 2,100   Tokyo Gas Company Ltd.   48,244 
           

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     HOME & OFFICE PRODUCTS - 0.0%(d)     
 1   Arcelik A/S  $5 
           
     INDUSTRIAL SUPPORT SERVICES - 0.2%     
 13,200   Sumitomo Corporation   303,590 
           
     INSTITUTIONAL FINANCIAL SERVICES - 1.8%     
 3,396   Deutsche Boerse A.G.   676,151 
 14,800   Haitong Securities Company Ltd.   6,822 
 329,400   Nomura Holdings, Inc.   1,774,307 
         2,457,280 
     INSURANCE - 6.0%     
 12,290   Assicurazioni Generali SpA   274,100 
 231,585   China Life Insurance Company Ltd., H Shares   266,982 
 3,700   Dai-ichi Life Holdings, Inc.   81,156 
 7,097   Hyundai Marine & Fire Insurance Company Ltd.(c)   180,261 
 14,300   Japan Post Holdings Company Ltd.   136,898 
 8,877   Manulife Financial Corporation   196,257 
 14,700   MS&AD Insurance Group Holdings, Inc.   607,070 
 4,367   Muenchener Rueckversicherungs-Gesellschaft A.G. in Muenchen   1,858,766 
 24,436   NN Group N.V.   1,001,400 
 2,312,000   People’s Insurance Company Group of China Ltd., H Shares   718,752 
 3,712   Samsung Fire & Marine Insurance Company Ltd.(c)   734,574 
 28,200   Sompo Holdings, Inc.   1,462,300 
 5,130   Swiss Re A.G.   587,517 
         8,106,033 
     LEISURE FACILITIES & SERVICES - 0.1%     
 1,119   Evolution A.B.   130,665 
           
     MACHINERY - 0.4%     
 29,300   Yokogawa Electric Corporation   575,801 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     MEDICAL EQUIPMENT & DEVICES - 0.9%     
 16,800   Andon Health Company Ltd.  $83,559 
 16,298   Bausch + Lomb Corporation(c)   229,749 
 7,686   Demant A/S(c)   348,185 
 4,660   Getinge A.B., B Shares   99,622 
 7,600   Shimadzu Corporation   210,168 
 13,130   Smith & Nephew plc   183,625 
         1,154,908 
     METALS & MINING - 2.8%     
 67,500   China Shenhua Energy Company Ltd.   351,774 
 17,000   China Shenhua Energy Company Ltd., H Shares   64,493 
 43,500   Henan Shenhuo Coal & Power Company Ltd.   101,554 
 128,700   Huaibei Mining Holdings Company Ltd.   313,165 
 3,785   MMC Norilsk Nickel PJSC(b)(c)(g)   — 
 394,000   Pingdingshan Tianan Coal Mining Company Ltd.   636,428 
 1,994   Rio Tinto plc   138,025 
 17,172   Rio Tinto plc - ADR   1,189,505 
 359,114   Shandong Nanshan Aluminum Company Ltd.   144,279 
 362,000   Shanxi Coal International Energy Group Company   855,401 
         3,794,624 
     OIL & GAS PRODUCERS - 10.4%     
 67,459   BP PLC - ADR   2,367,811 
 105,666   BP PLC   617,141 
 991,900   China Petroleum & Chemical Corporation   828,739 
 1,214,000   China Petroleum & Chemical Corporation, H Shares   631,529 
 17,700   ENEOS Holdings, Inc.   71,487 
 13,665   Eni SpA   217,797 
 2,334   Equinor ASA - ADR(a)   66,916 
 6,389   Equinor ASA   182,853 
 87,530   Gazprom PJSC - ADR(b)(c)(g)   — 
 247,390   Gazprom PJSC(b)(c)(g)   — 
 37,200   Inpex Corporation   505,671 
 28,776   KOC Holding A/S   151,981 
 24,250   LUKOIL PJSC(b)(c)(g)   — 
 22,511   Motor Oil Hellas Corinth Refineries S.A.   614,887 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     OIL & GAS PRODUCERS - 10.4% (Continued)     
 9,000   OMV A.G.  $400,527 
 2,062,700   PetroChina Company Ltd., Class A   2,415,174 
 1,184,100   PetroChina Company Ltd., H Shares   856,540 
 115,100   Petroleo Brasileiro S.A.   987,567 
 11,641   Petroleo Brasileiro S.A. - ADR   198,712 
 45,598   Polski Koncern Naftowy ORLEN S.A.   711,046 
 11,600   PTT Exploration & Production PCL   48,784 
 9,462   Repsol S.A.   139,711 
 117,940   Rosneft Oil Company PJSC(b)(c)(g)   — 
 66,149   Shell plc   2,069,978 
 482   SK Holdings Company Ltd.   66,076 
 6,830   Tatneft PJSC(b)(c)(g)   — 
         14,150,927 
     OIL & GAS SERVICES & EQUIPMENT - 0.4%     
 1,256,700   CNOOC Energy Technology & Services Ltd.   515,190 
           
     RETAIL - CONSUMER STAPLES - 0.9%     
 13,500   CK Hutchison Holdings Ltd.   69,725 
 34,300   Shanghai Bailian Group Company Ltd.   16,704 
 47,593   Woolworths Group Ltd.   1,117,555 
         1,203,984 
     RETAIL - DISCRETIONARY - 0.3%     
 3,842   Hennes & Mauritz A.B., Class B   54,209 
 244,900   HLA Group Corp Ltd., Class A   263,527 
 439   Pandora A/S   64,149 
         381,885 
     SEMICONDUCTORS - 8.8%     
 17,000   ASE Technology Holding Company Ltd.   73,494 
 4,856   ASML Holding N.V.   4,212,216 
 1,246   ASML Holding N.V. - ADR   1,083,796 
 5,217   Infineon Technologies A.G.   190,160 
 400   Lasertec Corporation   104,178 
 33,000   MediaTek, Inc.   1,018,155 
 371,000   MLS Company Ltd.   359,737 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     SEMICONDUCTORS - 8.8% (Continued)     
 63,000   Novatek Microelectronics Corporation  $1,026,104 
 3,290   Silicon Motion Technology Corporation - ADR   207,204 
 55,000   Taiwan Semiconductor Manufacturing Company Ltd.   1,100,859 
 6,754   Taiwan Semiconductor Manufacturing Company Ltd. - ADR   762,932 
 10,000   Tokyo Electron Ltd.   1,855,838 
         11,994,673 
     SOFTWARE - 1.7%     
 520   Check Point Software Technologies Ltd.(c)   82,644 
 108   Constellation Software, Inc.   298,534 
 222   CyberArk Software Ltd.(c)   51,833 
 617   Descartes Systems Group, Inc. (The)(c)   54,031 
 324   Nice Ltd.(c)   67,214 
 1,442   Open Text Corporation   62,886 
 6,857   SAP S.E.   1,187,728 
 6,517   Shopify, Inc., Class A(a),(c)   521,798 
         2,326,668 
     SPECIALTY FINANCE - 1.1%     
 49,600   ORIX Corporation   957,799 
 20,481   Samsung Card Company Ltd.(c)   505,944 
         1,463,743 
     STEEL - 1.8%     
 24,294   ArcelorMittal S.A. - ADR(a)   667,356 
 4,500   JFE Holdings, Inc.   71,054 
 36,400   Mitsui & Company Ltd.   1,476,374 
 11,800   Nippon Steel Corporation   283,981 
         2,498,765 
     TECHNOLOGY HARDWARE - 5.8%     
 1,251,000   Acer, Inc.   1,836,947 
 70,300   Anker Innovations Technology Company Ltd.   674,576 
 10,100   Brother Industries Ltd.   169,211 
 74,000   BYD Electronic International Company Ltd.   253,496 
 12,000   Canon, Inc.   330,586 
 103,000   Chicony Electronics Company Ltd.   539,975 
 5,400   FUJIFILM Holdings Corporation   342,300 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     TECHNOLOGY HARDWARE - 5.8% (Continued)     
 136,925   Hisense Visual Technology Company Ltd.  $424,790 
 8,800   Kyocera Corporation   128,841 
 84,000   Lenovo Group Ltd.   87,954 
 538   LG Electronics, Inc.   37,503 
 81,000   Quanta Computer Inc   640,376 
 43,965   Samsung Electronics Company Ltd.   2,389,063 
 24,400   ZTE Corporation, H Shares   42,402 
         7,898,020 
     TECHNOLOGY SERVICES - 2.9%     
 1,131   CGI, Inc.(c)   126,673 
 11,851   Experian plc   493,273 
 7,000   Fujitsu Ltd.   968,960 
 2,800   Nomura Research Institute Ltd.   85,639 
 27,000   NTT Data Corporation   388,922 
 4,680   RELX plc - ADR   193,518 
 13,120   RELX plc   541,089 
 7,689   Wolters Kluwer N.V.   1,133,276 
         3,931,350 
     TELECOMMUNICATIONS - 5.0%     
 15,540   BCE, Inc.   627,039 
 34,036   BT Group PLC   48,220 
 2,583,200   China United Network Communications Ltd.   1,634,050 
 137,923   Deutsche Telekom A.G.   3,385,075 
 151,363   Telefonica S.A.   615,755 
 7,402   Telenor ASA   82,141 
 17,189   Vodafone Group plc - ADR(a)   147,825 
 245,517   Vodafone Group plc   208,727 
         6,748,832 
     TRANSPORTATION & LOGISTICS - 4.3%     
 25   AP Moller - Maersk A/S - Series B   46,097 
 211   AP Moller - Maersk A/S - Series A   382,619 
 2,282   Canadian National Railway Company   283,120 
 158,660   COSCO SHIPPING Holdings Company Ltd., Class A   220,993 
 2,888   Deutsche Post A.G.   138,292 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 94.2% (Continued)     
     TRANSPORTATION & LOGISTICS - 4.3% (Continued)     
 4,270   DSV A/S  $763,983 
 23,300   Eastern Air Logistics Company Ltd.   49,347 
 40,700   Kawasaki Kisen Kaisha Ltd.   1,983,180 
 17,500   Mitsui OSK Lines Ltd.   628,647 
 8,500   Nippon Express Holdings Company Ltd.   505,962 
 7,300   Nippon Yusen KK   251,580 
 9,243   Star Bulk Carriers Corporation   200,943 
 1   Turk Hava Yollari AO(c)   9 
 333,000   Xiamen C & D, Inc.   451,777 
         5,906,549 
     WHOLESALE - CONSUMER STAPLES - 1.0%     
 38,800   Marubeni Corporation   661,839 
 41,700   Mitsubishi Corporation   718,741 
         1,380,580 
     WHOLESALE - DISCRETIONARY - 1.0%     
 21,700   Toyota Tsusho Corporation   1,422,119 
           
     TOTAL COMMON STOCKS (Cost $118,422,195)   127,842,202 
           
     EXCHANGE-TRADED FUNDS — 0.6%     
     EQUITY - 0.6%     
 10,789   iShares MSCI EAFE ETF(a)   809,283 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $795,360)   809,283 
           
     PREFERRED STOCKS — 4.5%     
     AUTOMOTIVE — 1.4%     
 5,604   Hyundai Motor Company   495,347 
 11,130   Volkswagen A.G.   1,431,217 
         1,926,564 

 

 

DUNHAM INTERNATIONAL STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     PREFERRED STOCKS — 4.5% (Continued)     
     INSTITUTIONAL FINANCIAL SERVICES — 0.2%     
 110,420   Mirae Asset Securities Company Ltd.  $308,106 
           
     INSURANCE — 0.4%     
 3,206   Samsung Fire & Marine Insurance Company Ltd.   459,526 
           
     OIL & GAS PRODUCERS — 1.9%     
 310,800   Petroleo Brasileiro S.A.   2,556,282 
           
     TECHNOLOGY HARDWARE — 0.6%     
 19,632   Samsung Electronics Company Ltd.   859,066 
           
     TOTAL PREFERRED STOCKS (Cost $5,886,802)   6,109,544 
                       
        Expiration
Date		  Exercise
Price		      
     WARRANT — 0.0%(d)             
     SOFTWARE - 0.0% (d)             
 108   Constellation Software Inc. (Canada)  04/02/2040  $0.00    — 
                   
     TOTAL WARRANT (Cost $0)           — 
                   
     SHORT-TERM INVESTMENTS — 4.7%     
     COLLATERAL FOR SECURITIES LOANED - 4.5%     
 6,157,345   Mount Vernon Liquid Assets Portfolio, LLC, 5.25%(e)(f)   6,157,345 
                       
     MONEY MARKET FUNDS - 0.2%     
 254,978   Fidelity Government Portfolio, Class I, 5.22%(e)   254,978 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $6,412,323)   6,412,323 
           
     TOTAL INVESTMENTS - 104.0% (Cost $131,516,680)  $141,173,352 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (4.0)%   (5,474,385)
     NET ASSETS - 100.0%  $135,698,967 

 

ADR - American Depositary Receipt
   
A/S - Anonim Sirketi
   
EAFE - Europe, Australasia and Far East
   
ETF - Exchange-Traded Fund
   
LLC - Limited Liability Company
   
LTD - Limited Company
   
MSCI - Morgan Stanley Capital International
   
NV - Naamioze Vennootschap
   
PJSC - Public Joint-Stock Company
   
PLC - Public Limited Company
   
SA - Société Anonyme
   
TAS - Turkish Accounting Standards
   

 

(a) All or a portion of these securities are on loan. Total loaned securities had a value of $5,925,997 at January 31, 2024.
   
(b) The value of this security has been determined in good faith under policies of the Board of Trustees.
   
(c) Non-income producing security.
   
(d) Percentage rounds to less than 0.1%.
   
(e) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(f) The Trust’s securities lending policies and procedures require that the borrower: deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.
   
(g) Illiquid security.

 

 

DUNHAM DYNAMIC MACRO FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 33.8%     
     COMMODITY - 0.1%     
 1,267   iShares GSCI Commodity Dynamic  $32,676 
           
     EQUITY - 33.7%     
 81,300   Franklin FTSE Japan ETF   2,342,253 
 107,700   Franklin FTSE United Kingdom ETF   2,659,652 
 29,800   Invesco Nasdaq 100 ETF   5,113,978 
 58,800   SPDR EURO STOXX 50 ETF   2,813,580 
 12,843   SPDR S&P 500 ETF Trust   6,201,627 
         19,131,090 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $14,234,168)   19,163,766 
           
Principal      Coupon Rate       
Amount ($)      (%)  Maturity    
     CORPORATE BONDS — 4.4%           
     GOVERNMENT GUARANTEED — 3.9%           
 1,273,000   Kreditanstalt fuer Wiederaufbau  1.2500  01/31/25   1,229,873 
 1,000,000   Landwirtschaftliche Rentenbank  2.0000  01/13/25   973,846 
               2,203,719 
     SUPRANATIONAL — 0.5%           
 300,000   Asian Development Bank  4.1250  09/27/24   298,158 
                 
     TOTAL CORPORATE BONDS (Cost $2,486,324)         2,501,877 
                 
     NON U.S. GOVERNMENT & AGENCIES — 1.7%           
     SUPRANATIONAL — 1.7%           
 1,000,000   International Bank for Reconstruction & Development  0.3750  07/28/25   940,951 
                 
     TOTAL NON U.S. GOVERNMENT & AGENCIES (Cost $944,427)         940,951 

 

 

DUNHAM DYNAMIC MACRO FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
               
Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 37.5%           
     U.S. TREASURY NOTES — 37.5%           
 1,500,000   United States Treasury Note  2.5000  05/15/24  $1,488,009 
 2,000,000   United States Treasury Note  0.3750  07/15/24   1,957,309 
 1,000,000   United States Treasury Note  3.0000  07/31/24   989,555 
 1,000,000   United States Treasury Note  1.2500  08/31/24   978,113 
 1,500,000   United States Treasury Note  1.5000  09/30/24   1,466,180 
 1,000,000   United States Treasury Note  1.5000  10/31/24   975,426 
 1,500,000   United States Treasury Note  1.5000  11/30/24   1,459,278 
 5,000,000   United States Treasury Note  1.0000  12/15/24   4,839,464 
 2,000,000   United States Treasury Note  1.1250  02/28/25   1,926,820 
 1,500,000   United States Treasury Note  0.5000  03/31/25   1,431,445 
 1,500,000   United States Treasury Note  0.3750  04/30/25   1,424,941 
 1,500,000   United States Treasury Note  2.1250  05/15/25   1,455,967 
 1,000,000   United States Treasury Note  0.2500  09/30/25   935,117 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $21,308,819)         21,327,624 
                 
Shares        
     SHORT-TERM INVESTMENTS — 20.1%     
     MONEY MARKET FUNDS - 10.4%     
 5,874,526   Morgan Stanley Institutional Liquidity Fund, Institutional Class, 5.21%(b)   5,874,526 
           
Principal      Discount Rate       
Amount ($)      (%)       
     U.S. TREASURY BILLS — 9.7%           
 4,500,000   United States Treasury Bill(a)  5.0138  02/22/24   4,486,212 
 1,000,000   United States Treasury Bill(a)  5.1241  04/18/24   988,898 
               5,475,110 
     TOTAL SHORT-TERM INVESTMENTS (Cost $11,350,573)         11,349,636 
                 
     TOTAL INVESTMENTS - 97.5% (Cost $50,324,310)        $55,283,854 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 2.5%         1,389,126 
     NET ASSETS - 100.0%        $56,672,980 

 

 

DUNHAM DYNAMIC MACRO FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
                 
Number of          Notional   Value and Unrealized 
Contracts   Open Long Futures Contracts  Expiration   Amount(c)   Appreciation (Depreciation) 
 17   CBOT 10 Year US Treasury Note   03/19/2024   $1,909,578   $4,531 
 5   CME E-Mini NASDAQ 100 Index Future   03/15/2024    1,724,225    27,610 
 4   CME E-Mini Standard & Poor’s 500 Index Future   03/15/2024    974,100    16,437 
 7   Eurex 10 Year Euro BUND Future   03/07/2024    1,027,499    6,380 
 85   Eurex EURO STOXX 50 Future   03/15/2024    4,284,441    92,796 
 16   Euro-BTP Italian Bond Futures   03/07/2024    2,056,921    44,378 
 46   FTSE 100 Index Future   03/15/2024    4,447,438    (10,489)
 24   Long Gilt Future   03/26/2024    3,040,642    83,288 
 70   TSE TOPIX (Tokyo Price Index) Future   03/07/2024    12,145,396    992,013 
     TOTAL FUTURES CONTRACTS            $1,256,944 
                     
                 Unrealized 
Foreign Currency  Settlement Date  Counterparty  Local Currency   U.S. Dollar Value   Appreciation/(Depreciation) 
To Sell:                     
British Pound  02/15/2024  US Bank   2,000,000   $2,534,888   $(38,692)
Euro  02/15/2024  US Bank   2,460,000    2,659,476    24,594 
Japanese Yen  02/15/2024  US Bank   330,000,000    2,246,972    (25,495)
              $7,441,336   $(39,593)
                      
Total                  $(39,593)

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)Zero coupon bond.

 

(b)Rate disclosed is the seven day effective yield as of January 31, 2024.

 

(c)The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 0.0%(a)     
     TELECOMMUNICATIONS - 0.0%(a)     
 10,000   NII Holdings, Inc. 144A(b),(c),(k)  $5,700 
           
     TOTAL COMMON STOCKS (Cost $57,730)   5,700 
           
Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 49.0%              
     ASSET MANAGEMENT — 1.3%              
 2,780,000   PennantPark Investment Corporation     4.0000  11/01/26   2,521,669 
                    
     AUTOMOTIVE — 1.1%              
 2,065,000   Hyundai Capital America(c)     1.0000  09/17/24   2,005,818 
                    
     BANKING — 22.9%              
 2,510,000   Bank of America Corporation(d)  SOFRRATE + 0.670%  1.8430  02/04/25   2,509,299 
 1,805,000   Bank of Nova Scotia (The)(d)  H15T5Y + 4.551%  4.9000  09/04/68   1,723,167 
 2,385,000   Barclays plc     3.6500  03/16/25   2,340,616 
 7,265,000   BPCE S.A.(c),(d)  SOFRRATE + 2.100%  5.9750  01/18/27   7,331,786 
 2,000,000   Credit Suisse A.G.     3.6250  09/09/24   1,976,879 
 1,210,000   Danske Bank A/S(c),(d)  H15T1Y + 2.100%  6.4660  01/09/26   1,219,887 
 3,545,000   HSBC Holdings plc(e)  SOFRRATE + 1.430%  6.7770  03/10/26   3,565,637 
 2,005,000   JPMorgan Chase & Company(e)  US0003M + 0.550%  6.1890  02/01/27   1,916,238 
 712,000   KeyCorp Capital II     6.8750  03/17/29   710,614 
 1,080,000   Lloyds Banking Group plc(d)  H15T1Y + 3.500%  3.8700  07/09/25   1,072,327 
 950,000   Mitsubishi UFJ Financial Group, Inc.(d)  H15T1Y + 1.080%  5.7190  02/20/26   953,906 
 3,550,000   NatWest Group plc(d)  H15T1Y + 2.850%  7.4720  11/10/26   3,680,309 
 3,480,000   Societe Generale S.A.(c)     7.3670  01/10/53   3,687,597 
 4,735,000   Synchrony Bank     5.4000  08/22/25   4,700,700 
 5,145,000   Wells Fargo & Company(e)  US0003M + 0.500%  6.0760  01/15/27   4,957,835 
 795,000   Wells Fargo & Company     5.9500  12/01/86   821,057 
                  43,167,854 
     CONSUMER SERVICES — 2.3%              
 2,300,000   Grand Canyon University     4.1250  10/01/24   2,241,695 

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
                  
Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 49.0% (Continued)              
     CONSUMER SERVICES — 2.3% (Continued)              
 2,300,000   Grand Canyon University     5.1250  10/01/28  $2,096,979 
                  4,338,674 
     E-COMMERCE DISCRETIONARY — 1.0%              
 1,900,000   Rakuten Group, Inc.(c)     11.2500  02/15/27   1,945,502 
                    
     ELECTRIC UTILITIES — 7.5%              
 3,310,000   American Electric Power Company, Inc.     2.0310  03/15/24   3,294,701 
 3,465,000   American Electric Power Company, Inc.     5.6990  08/15/25   3,493,351 
 3,030,000   NextEra Energy Capital Holdings, Inc.     5.7490  09/01/25   3,061,514 
 4,397,000   Vistra Operations Company, LLC(c)     4.8750  05/13/24   4,389,456 
                  14,239,022 
     FOOD — 2.2%              
 4,095,000   JBS USA LUX S.A. / JBS USA Food Company / JBS USA     6.5000  12/01/52   4,123,120 
                    
     INSTITUTIONAL FINANCIAL SERVICES — 4.6%              
 3,515,000   Credit Suisse Group A.G.(c),(d)  SOFRRATE + 3.340%  6.3730  07/15/26   3,555,845 
 4,185,000   Credit Suisse Group A.G.(c)  USSW5 + 4.598%  7.5000  06/11/70   481,275 
 2,485,000   Goldman Sachs Capital I     6.3450  02/15/34   2,611,097 
 2,050,000   Goldman Sachs Group, Inc. (The)(e)  SOFRRATE + 0.490%  5.8070  10/21/24   2,048,488 
                  8,696,705 
     INSURANCE — 3.0%              
 2,155,000   Mutual of Omaha Insurance Company(c),(d)  US0003M + 2.640%  4.2970  07/15/54   2,119,120 
 2,285,000   Ohio National Financial Services, Inc.(c)     6.8000  01/24/30   2,264,746 
 1,000,000   Pacific Life Insurance Company(c)     9.2500  06/15/39   1,330,407 
                  5,714,273 
     SPECIALTY FINANCE — 1.5%              
 2,900,000   Avolon Holdings Funding Ltd.(c)     4.2500  04/15/26   2,806,086 
                    
     TELECOMMUNICATIONS — 1.6%              
 790,500   Sprint Spectrum Company, LLC / Sprint Spectrum(c)     5.1520  03/20/28   792,311 

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Principal         Coupon Rate       
Amount ($)      Spread  (%)  Maturity  Fair Value 
     CORPORATE BONDS — 49.0% (Continued)       
     TELECOMMUNICATIONS — 1.6% (Continued)       
 2,150,000   Sprint, LLC     7.1250  06/15/24  $2,160,602 
                  2,952,913 
     TOTAL CORPORATE BONDS (Cost $96,304,998)     92,511,636 
                    
Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 45.9%           
     U.S. TREASURY BILLS — 45.9%           
 23,010,000   United States Treasury Bill(f)  —  02/20/24   22,946,303 
 23,085,000   United States Treasury Bill(f)  —  03/14/24   22,943,032 
 21,985,000   United States Treasury Bill(f)  —  04/23/24   21,724,984 
 3,055,000   United States Treasury Note  4.8750  10/31/28   3,182,510 
 3,110,000   United States Treasury Note  4.0000  01/31/31   3,124,821 
 6,065,000   United States Treasury Note (l)  4.5000  11/15/33   6,326,079 
 6,565,000   United States Treasury Note(m)  4.1250  08/15/53   6,446,522 
                 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $86,236,305)         86,694,251 
                 
Shares      Fair Value 
     SHORT-TERM INVESTMENT — 6.3%     
     MONEY MARKET FUND - 6.3%     
 11,946,322   First American Government Obligations Fund Class X, 5.25% (Cost $11,946,322)(g)  $11,946,322 
           
     TOTAL SHORT-TERM INVESTMENT (Cost $11,946,322)   11,946,322 
           
     TOTAL INVESTMENTS - 101.2% (Cost $194,545,355)  $191,157,909 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%   (2,347,412)
     NET ASSETS - 100.0%  $188,810,497 

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
                
OPEN FUTURES CONTRACTS 
Number of             Value and Unrealized 
Contracts   Open Short Futures Contracts  Expiration  Notional Amount(h)   Depreciation 
 69   CBOT 10 Year US Treasury Note  03/19/2024  $7,750,641   $(213,469)
 29   CBOT 5 Year US Treasury Note  03/28/2024   3,143,328    (60,492)
 21   CBOT US Treasure Bond Futures  03/19/2024   2,569,219    (122,063)
 94   Ultra 10-Year US Treasury Note Futures  03/19/2024   10,986,250    (379,668)
 75   Ultra U.S. Treasury Bond Futures  03/19/2024   9,691,406    (509,290)
     TOTAL FUTURES CONTRACTS          $(1,284,982)

 

CREDIT DEFAULT SWAP AGREEMENTS    
Description and Payment
Frequency		  Payment
Frequency		  Counterparty  Fixed Deal
(Pay) Rate		  Implied
Credit
Spread		  Maturity
Date		  Notional
Value		   Fair
Value(k)		   Amortized
Upfront Payments
Paid/ (Received)		   Unrealized
Appreciation/
(Depreciation)		 
CDX.NA.HY SERIES 41  To Buy
Quarterly		  HSBC
Securities		  5.00%  361.23  12/20/2028  $16,830,000    (1,049,134)   (430,724)  $(618,410)
CDX.NA.IG SERIES 41  To Buy
Quarterly		  HSBC
Securities		  1.00%  56.61  12/20/2028   41,000,000    (842,404)   (599,362)  $(243,042)
DARDEN RESTAURANTS INC  To Buy
Quarterly		  Barclays  1.00%  45.00  6/20/2027   7,000,000    (164,059)   (15,764)  $(148,295)
DR HORTON INC  To Buy
Quarterly		  Barclays  1.00%  65.00  12/20/2028   3,500,000    (75,452)   52,746   $(128,198)
OMNICOM GROUP  To Buy
Quarterly		  Barclays  1.00%  54.00  6/20/2028   5,000,000    133,431    93,193   $40,238 
THE WALT DISNEY COMPANY  To Sell
Quarterly		  Barclays  1.00%  55.00  6/20/2028   (5,000,000)   (136,403)   (93,193)  $(43,210)
VERIZON COMMUNICATIONS INC(i)  To Sell
Quarterly		  Barclays  1.00%  89.00  6/20/2027   (7,000,000)   103,835    2,837   $100,998 
TOTAL                       (2,030,186)   (990,267)   (1,039,919)

 

TOTAL RETURN SWAPS 
Description  Frequency  Counterparty  Notional Value   Variable Rate Premium Paid  Premium Paid   Maturity Date  Unrealized Depreciation 
Markit IBoxx US Dollar Liquid High Yield Index  At Maturity  Goldman Sachs  $13,999,999   US0001M  $                0   3/20/2024  $(83,357)

 

 

DUNHAM LONG/SHORT CREDIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
A/S- Anonim Sirketi

 

LLC- Limited Liability Company

 

LTD- Limited Company

 

PLC- Public Limited Company

 

S/A- Société Anonyme

 

H15T1YUS Treasury Yield Curve Rate T Note Constant Maturity 1 Year

 

H15T5YUS Treasury Yield Curve Rate T Note Constant Maturity 5 Year

 

SOFRRATEUnited States SOFR Secured Overnight Financing Rate

 

US0003MICE LIBOR USD 3 Month

 

USSW5USD SWAP SEMI 30/360 5YR

 

(a) Percentage rounds to less than 0.1%.
   
(b) Non-income producing security.
   
(c) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of January 31, 2024 the total market value of 144A securities is 33,935,536 or 18.0% of net assets.
   
(d) Variable rate security; the rate shown represents the rate on January 31, 2024.
   
(e) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
   
(f) Zero coupon bond.
   
(g) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(h) The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.
   
(i) If the Fund is a seller of protection and if a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising of the referenced index.
   
(j) Level 3 securities fair value under procedures established by the Board of Trustees, represents 0.00% of net assets. The total value of these securities is $5,700.
   
(k) The prices and resulting values for credit default swap agreements serve as indicators of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the underlying referenced instrument’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
   
(l) All or portion of security held as collateral for Futures at 1/31/2024.
   
(m) All or portion of security held as collateral for Swaps at 1/31/2024.

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
         
Shares      Fair Value 
     CLOSED END FUND — 3.6%     
     EQUITY - 3.6%     
 2,468,782   Altaba, Inc.  $5,974,452 
           
     TOTAL CLOSED END FUND (Cost $22,837,384)   5,974,452 
           
Shares      Fair Value 
     COMMON STOCKS — 71.1%     
     ASSET MANAGEMENT - 0.0%(a)     
 469,792   Pershing Square Tontine Holdings Ltd.(b)   — 
           
     BIOTECH & PHARMA - 2.0%     
 10,445   Karuna Therapeutics, Inc.(b), (c)   3,273,672 
           
     CABLE & SATELLITE - 8.7%     
 97,835   Liberty Broadband Corporation - Series C(b), (c)   7,675,156 
 335,012   Liberty Global Ltd.(b)   6,599,736 
         14,274,892 
     CHEMICALS - 4.3%     
 254,783   JSR Corporation(d)   6,985,407 
           
     COMMERCIAL SUPPORT SERVICES - 6.9%     
 222,482   Sovos Brands, Inc.(b), (c)   4,905,728 
 124,008   SP Plus Corporation(b)   6,414,935 
         11,320,663 
     CONTAINERS & PACKAGING - 4.6%     
 186,815   Westrock Company   7,521,172 
           
     HEALTH CARE REIT - 0.9%     
 119,103   Physicians Realty Trust   1,457,821 
           
     HOUSEHOLD PRODUCTS - 2.0%     
 1,122,149   Vinda International Holdings Ltd.   3,315,666 

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 71.1% (Continued)     
     INDUSTRIAL SUPPORT SERVICES - 3.3%     
 109,336   Textainer Group Holdings Ltd.  $5,428,532 
           
     MEDICAL EQUIPMENT & DEVICES - 0.0%(a)     
 34,956   ABIOMED, Inc. - CVR(b)   61,173 
           
     OIL & GAS PRODUCERS - 16.1%     
 31,035   Callon Petroleum Company(b), (c)   996,844 
 84,102   Columbia Pipeline Group, Inc.(b)   — 
 68,231   Hess Corporation   9,588,502 
 61,574   Pioneer Natural Resources Company   14,151,552 
 257,286   Southwestern Energy Company(b)   1,659,495 
         26,396,393 
     PUBLISHING & BROADCASTING - 1.6%     
 42,533   Liberty Media Corp-Liberty Formula One(b)   2,598,341 
           
     RETAIL - CONSUMER STAPLES - 5.9%     
 450,231   Albertsons Companies, Inc., Class A   9,553,901 
           
     SEMICONDUCTORS - 5.8%     
 193,213   Shinko Electric Industries Company Ltd.   7,260,044 
 35,700   Silicon Motion Technology Corporation - ADR   2,248,386 
         9,508,430 
     SOFTWARE - 6.1%     
 64,823   Splunk, Inc.(b)   9,941,904 
           
     STEEL - 2.9%     
 102,580   United States Steel Corporation   4,823,312 
           
     TELECOMMUNICATIONS - 0.0%(a)     
 —   EchoStar Corporation, Class A(b), (c)   — 
 205,893   NII Holdings, Inc. 144A(b), (e)   72,063 
         72,063 
     TRANSPORTATION & LOGISTICS - 0.0%(a)     
 1,025   American Airlines Group, Inc.(b)   14,586 

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
         
Shares      Fair Value 
     COMMON STOCKS — 71.1% (Continued)     
     TRANSPORTATION & LOGISTICS - 0.0%(a) (Continued)     
 101,283   American Airlines Group, Inc. Escrow Security(b)  $1,013 
         15,599 
           
     TOTAL COMMON STOCKS (Cost $119,450,460)   116,548,941 
           
Shares      Expiration Date  Exercise Price   Fair Value 
     RIGHT — 0.7%             
     ASSET MANAGEMENT - 0.0% (a)             
 117,447   Pershing Square Sparc Holdings Ltd  9/29/2024  $—    35,234 
                   
     FORESTRY, PAPER & WOOD PRODUCTS - 0.7%             
 532,221   Resolute Forest Products, Inc. - CVR  12/20/2023  $20.50    1,064,442 
                   
     TOTAL RIGHT (Cost $815,949)           1,099,676 
         
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 9.8%     
     COLLATERAL FOR SECURITIES LOANED – 3.3%     
 5,419,718   Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(f)(h)   5,419,718 
           
     MONEY MARKET FUND – 6.5%     
 10,656,237   Fidelity Money Market Government Portfolio Class I, 5.22%(f)(i)   1 0,656,237 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $16,075,955)   16,075,955 

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Contracts(g)      Broker/Counterparty  Expiration
Date		  Exercise
Price		   Notional
Value		   Fair Value 
     EQUITY OPTIONS PURCHASED - 0.0% (a)              
     PUT OPTIONS PURCHASED - 0.0%(a)              
 357   Silicon Motion Technology Corporation  Morgan Stanley  03/15/2024  $60   $2,248,386   $61,583 
     TOTAL PUT OPTIONS PURCHASED (Cost - $61,878)              
                           
     TOTAL EQUITY OPTIONS PURCHASED (Cost - $61,878)            61,583 
                           
     TOTAL INVESTMENTS - 85.2% (Cost $159,241,626)           $139,760,607 
     CALL OPTIONS WRITTEN - (0.1)% (Proceeds - $202,311)            (167,791)
     OTHER ASSETS IN EXCESS OF LIABILITIES- 14.9%            24,311,777 
     NET ASSETS - 100.0%           $163,904,593 
                           
                       
Contracts(g)      Counterparty  Expiration
Date		  Exercise
Price		   Notional
Value		   Fair Value 
    WRITTEN EQUITY OPTIONS - (0.1)%           
     CALL OPTIONS WRITTEN- (0.1)%              
 357   Silicon Motion Technology Corporation  Morgan Stanley  03/15/2024  $60   $2,248,386   $167,791 
     TOTAL CALL OPTIONS WRITTEN (Proceeds - $202,311)              
                           
     TOTAL EQUITY OPTIONS WRITTEN (Proceeds - $202,311)           $167,791 

 

ADR- American Depositary Receipt

 

LLC- Limited Liability Company

 

LTD- Limited Company

 

PLC- Public Limited Company

 

REIT- Real Estate Investment Trust

 

(a) Percentage rounds to less than 0.1%.
   
(b) Non-income producing security.
   
(c) All or a portion of these securities are on loan. Total loaned securities had a value of $16,075,955 at January 31, 2024.
   
(d) The value of this security has been determined in good faith under policies of the Board of Trustees.
   
(e) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of January 31, 2024 the total market value of 144A securities is 72,063 or 0.0% of net assets.
   
(f) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(g) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
   
(h) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times  thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of  securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.  
   
(i) Security is held as collateral for foreign currency forwards.

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF SECURITIES SOLD SHORT (Unaudited) (Continued)
January 31, 2024
         
Shares      Fair Value 
     COMMON STOCKS — (37.0)%     
     BIOTECH & PHARMA - (1.0)%     
 (39,075)  Cerevel Therapeutics Holdings, Inc.  $(1,637,243)
           
     CABLE & SATELLITE - (9.3)%     
 (23,644)  Charter Communications, Inc., Class A   (8,765,067)
 (315,924)  Liberty Global Ltd., Class C   (6,615,449)
         (15,380,516)
     CONTAINERS & PACKAGING - (4.3)%     
 (186,815)  Smurfit Kappa Group plc   (6,974,023)
           
     HEALTH CARE FACILITIES & SERVICES - (1.0)%     
 (17,469)  Amedisys, Inc.   (1,646,802)
           
     HEALTH CARE REIT - (0.9)%     
 (80,275)  Healthpeak Properties, Inc.   (1,485,088)
           
     OIL & GAS PRODUCERS - (16.9)%     
 (32,354)  APA Corporation   (1,013,651)
 (22,307)  Chesapeake Energy Corporation   (1,720,093)
 (69,940)  Chevron Corporation   (10,311,254)
 (143,064)  Exxon Mobil Corporation   (14,708,409)
         (27,753,407)
     PUBLISHING & BROADCASTING - (1.6)%     
 (38,018)  Liberty Media Corp-Liberty Formula One   (2,556,711)
           
     RETAIL REIT - 0.0% (a)     
 (2)  Realty Income Corporation   (109)
           
     TECHNOLOGY HARDWARE - (2.0)%     
 (88,874)  Juniper Networks, Inc.   (3,284,783)
           
     TOTAL SECURITIES SOLD SHORT - (Proceeds - $60,182,525)  $(60,718,682)

 

 

DUNHAM MONTHLY DISTRIBUTION FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024 (Unaudited)
 
                 Unrealized 
Foreign Currency  Settlement Date  Counterparty  Local Currency   U.S. Dollar Value   Appreciation/(Depreciation) 
To Buy:                     
Canadian Dollar  02/05/2024  Morgan Stanley FX   4,863,483   $3,618,047   $(7,416)
Australian Dollar  02/08/2024  Morgan Stanley FX   3,457,352    2,268,310    (63,186)
              $5,886,357   $(70,602)
                      
To Sell:                     
Canadian Dollar  02/01/2024  Morgan Stanley FX   104,152   $77,478   $254 
Canadian Dollar  02/02/2024  Morgan Stanley FX   470,502    350,003    197 
Canadian Dollar  02/05/2024  Morgan Stanley FX   7,324,207    5,448,629    (132,259)
Australian Dollar  02/08/2024  Morgan Stanley FX   3,457,352    2,268,311    (13,413)
British Pound  02/13/2024  Morgan Stanley FX   4,345,233    5,507,254    (23,206)
Japanese Yen  02/13/2024  Morgan Stanley FX   2,252,127,011    15,329,830    167,102 
Hong Kong Dollar  02/16/2024  Morgan Stanley FX   26,370,502    3,374,553    2,620 
              $32,356,058   $1,295 
                      
Total                  $(69,307)

 

 

DUNHAM REAL ESTATE STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
 
Shares      Fair Value 
     COMMON STOCKS — 99.6%     
     ASSET MANAGEMENT - 8.9%     
 8,122   Blackstone, Inc.  $1,010,783 
 20,922   Brookfield Infrastructure Corporation, Class A(a)   732,479 
 798,505   FTAI Infrastructure, LLC   3,401,632 
         5,144,894 
     DATA CENTER REIT - 11.0%     
 20,665   Digital Realty Trust, Inc.(a)   2,902,606 
 4,174   Equinix, Inc.   3,463,460 
         6,366,066 
     ELECTRIC UTILITIES - 1.3%     
 26,120   Brookfield Renewable Corporation(a)   729,270 
           
     FOOD - 1.8%     
 380,609   Cadiz, Inc.(a),(b)   1,031,450 
           
     GAMING REIT - 2.5%     
 47,600   VICI Properties, Inc.   1,433,712 
           
     HEALTH CARE REIT - 1.9%     
 23,883   Ventas, Inc.   1,107,932 
           
     INDUSTRIAL REIT - 13.7%     
 24,972   Innovative Industrial Properties, Inc.(a)   2,328,140 
 31,676   Prologis, Inc.   4,013,032 
 30,962   Rexford Industrial Realty, Inc.   1,628,292 
         7,969,464 
     INFRASTRUCTURE REIT - 12.9%     
 22,219   American Tower Corporation, A   4,347,147 
 16,295   Crown Castle, Inc.(a)   1,763,934 
 5,842   SBA Communications Corporation, A   1,307,790 
         7,418,871 
     LEISURE FACILITIES & SERVICES - 6.7%     
 37,153   Caesars Entertainment, Inc.(b)   1,629,902 
 34,369   MGM Resorts International(b)   1,490,584 

 

 

DUNHAM REAL ESTATE STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024

 

Shares      Fair Value 
     COMMON STOCKS — 99.6% (Continued)     
     LEISURE FACILITIES & SERVICES - 6.7% (Continued)     
 7,946   Wynn Resorts Ltd.  $750,341 
         3,870,827 
     OFFICE REIT - 6.4%     
 18,141   Alexandria Real Estate Equities, Inc.(a)   2,193,247 
 183,000   Hudson Pacific Properties, Inc.(a)   1,498,770 
         3,692,017 
     OIL & GAS PRODUCERS - 2.6%     
 46,009   New Fortress Energy, Inc.(a)   1,528,879 
  

 

        
     REAL ESTATE SERVICES - 2.0%     
 13,336   CBRE Group, Inc., Class A(b)   1,151,030 
           
     RESIDENTIAL REIT - 4.9%     
 16,279   American Homes 4 Rent, Class A   570,579 
 9,922   Equity LifeStyle Properties, Inc.   671,620 
 25,851   Invitation Homes, Inc.   851,273 
 5,489   Sun Communities, Inc.   688,046 
         2,781,518 
     RETAIL REIT - 6.7%     
 98,129   Macerich Company (The)(a)   1,549,457 
 16,816   Simon Property Group, Inc.   2,330,866 
         3,880,323 
     SELF-STORAGE REIT - 3.6%     
 8,104   Extra Space Storage, Inc.   1,170,542 
 5,203   National Storage Affiliates Trust(a)   194,332 
 2,579   Public Storage   730,347 
         2,095,221 
     SELF-STORAGE REITS - 1.0%     
 13,855   CubeSmart   598,813 
           
     SPECIALTY FINANCE - 3.7%     
 40,000   FTAI Aviation Ltd.(a)   2,158,000 

 

 

DUNHAM REAL ESTATE STOCK FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
January 31, 2024
         
Shares      Fair Value 
     COMMON STOCKS — 99.6% (Continued)     
     SPECIALTY REITS - 3.5%     
 31,157   Americold Realty Trust, Inc.  $856,818 
 68,859   NewLake Capital Partners, Inc.   1,151,322 
         2,008,140 
     TECHNOLOGY SERVICES - 1.0%     
 6,841   CoStar Group, Inc.(b)   571,087 
           
     TELECOMMUNICATIONS - 3.5%     
 101,800   DigitalBridge Group, Inc.   1,999,352 
           
     TOTAL COMMON STOCKS (Cost $50,784,159)   57,536,866 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 24.7%     
     COLLATERAL FOR SECURITIES LOANED - 24.3%     
 14,035,394   Mount Vernon Liquid Assets Portfolio, LLC, 5.46%(c)(d)   14,035,394 
           
     MONEY MARKET FUND – 0.4%     
 228,392   Fidelity Money Market Government Portfolio Class I, 5.22%(c)   228,392 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $14,263,786)   14,263,786 
           
     TOTAL INVESTMENTS - 124.3% (Cost $65,047,945)  $71,800,652 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (24.3)%   (14,042,311)
     NET ASSETS - 100.0%  $57,758,341 

 

LLC - Limited Liability Company
   
LTD - Limited Company
   
REIT - Real Estate Investment Trust

 

(a) Non-income producing security.
   
(b) All or a portion of these securities are on loan. Total loaned securities had a value of $13,315,736 at January 31, 2024.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(d) The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% due to end of day market movement. The next business day additional collateral is obtained/received from the borrower to replenish/reestablish 102%.

 

 

DUNHAM US ENHANCED MARKET FUND
SCHEDULE OF INVESTMENTS (Unaudited)
January 31, 2024
               
Principal      Coupon Rate       
Amount ($)      (%)  Maturity  Fair Value 
     U.S. GOVERNMENT & AGENCIES — 15.1%           
     U.S. TREASURY NOTES — 15.1%           
 16,000,000   United States Treasury Note  1.2500  09/30/28  $14,205,000 
                 
     TOTAL U.S. GOVERNMENT & AGENCIES (Cost $14,510,461)         14,205,000 
                 
        Discount Rate        
        (%)  Maturity     
     SHORT-TERM INVESTMENTS — 47.4%           
     U.S. TREASURY BILLS — 42.0%           
 15,000,000   United States Treasury Bill(a)  4.5150  02/08/24   14,984,950 
 24,500,000   United States Treasury Bill(a)(b)  5.0531  02/27/24   24,407,148 
               39,392,098 
Shares        
     MONEY MARKET FUNDS - 5.4%     
 5,091,108   Fidelity Money Market Government Portfolio Class I, 5.22%(c)   5,091,108 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $44,481,815)   44,483,206 
           
Contracts(d)      Broker/
Counterparty		  Expiration
Date		  Exercise
Price		   Notional
Value		   Fair Value 
    FLEX OPTIONS PURCHASED - 37.3%           
     CALL OPTIONS PURCHASED - 37.3%              
 200   S&P 500 INDEX  Societe Generale  05/16/2028  $4,150   $83,000,000   $28,400,889 
 50   S&P 500 INDEX  Societe Generale  02/28/2029   4,510    22,550,000    6,573,482 
                           
     TOTAL FLEX OPTIONS PURCHASED (Cost - $24,207,320)            34,974,371 
                           
     TOTAL INVESTMENTS - 99.8% (Cost $83,199,596)           $93,662,577 
     OTHER ASSETS IN EXCESS OF LIABILITIES- 0.2%            161,445 
     NET ASSETS - 100.0%    $93,824,022 
                           
OPEN FUTURES CONTRACTS
Number of
Contracts		   Open Long Futures Contracts  Expiration  Notional
Amount(e)		   Value and
Unrealized
Appreciation		 
 5   CBOT 10 Year US Treasury Note  03/19/2024  $561,641   $3,516 
 225   CBOT 2 Year US Treasury Note Future  03/28/2024   46,272,656    155,554 
 293   CBOT 5 Year US Treasury Note  03/28/2024   31,758,453    533,454 
 29   CME E-Mini Standard & Poor’s 500 Index Future  03/15/2024   7,062,225    225,964 
     TOTAL FUTURES CONTRACTS          $918,488 

 

(a) Zero coupon bond.
   
(b) A portion is held as collateral for futures.
   
(c) Rate disclosed is the seven day effective yield as of January 31, 2024.
   
(d) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
   
(e) The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based.  Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund’s futures contracts.  Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments.  The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.